SRNE - Why Sorrento Therapeutics Stock Is Soaring Today
Shares of Sorrento Therapeutics (NASDAQ: SRNE) are rising sharply on Monday and were up by 10.8% as of 1:43 p.m. EDT after jumping by as much as 14.6% earlier in the trading session. The biopharmaceutical company did not report any news, but perhaps the market is responding to comments made by Mad Money host Jim Cramer regarding Sorrento Therapeutics on his show on Friday, April 23.
Jim Cramer's comments hardly painted a bullish picture of Sorrento Therapeutics. During the lightning round bell -- when he gives quick and short answers to callers' questions on various stocks -- Cramer said the following: "There'll be a news release and it'll spike 3-4 points ... and that'll give you a chance to get out." Note that Sorrento Therapeutics is a clinical-stage biopharmaceutical company with a rich pipeline that includes more than half a dozen coronavirus-related programs, among many others.
It wouldn't be surprising if some news concerning one of the company's pipeline candidates sent its stock price higher. However, if that happens, Cramer thinks it would provide a good opportunity for investors to "get out." This comment suggests that while Cramer believes there is some upside potential for the stock (which may help explain today's jump), he doesn't think Sorrento Therapeutics is a good long-term bet.
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Why Sorrento Therapeutics Stock Is Soaring Today