SRNE - Why Sorrento Therapeutics Stock Is Getting Hammered This Week
Shares of clinical- and commercial-stage biotech Sorrento Therapeutics (NASDAQ: SRNE) plummeted by a whopping 36.8% during the first four trading sessions this week, according to data provided by S&P Global Market Intelligence . As the biotech hasn't had any clinical or regulatory setbacks to speak of this week, it appears that Sorrento's shares are simply trading lower in lockstep with the broader biopharmaceutical space right now.
Underscoring this point, the vast majority of small- to mid-cap biopharmaceutical stocks have fallen in a big way this week. As a result, the SPDR S&P Biotech ETF and the iShares Biotechnology ETF are both trading near 52-week lows at the moment.
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Why Sorrento Therapeutics Stock Is Getting Hammered This Week