SRNE - Why Sorrento Therapeutics Stock Is on the Rise Today
Shares of the diversified biopharma Sorrento Therapeutics (NASDAQ: SRNE) are racing higher today. Specifically, the drugmaker's shares are up by a healthy 5% on moderate volume as of 11:23 a.m. ET on Thursday.
What's propelling Sorrento's stock northward today? Its shares appear to be getting a boost from a broad-based relief rally in the beaten-down biopharmaceutical space. Speaking to this point, the bellwether iShares Biotechnology ETF and SPDR S&P Biotech ETF are both up by low single digits at the time of this writing.
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Why Sorrento Therapeutics Stock Is on the Rise Today