With the current price of $8.13, the stock of Sorrento Therapeutics, Inc. (NASDAQ:SRNE) concluded the trading session seeing its price drop by -0.35 points or at a loss of -4.13% compared to its previous day’s closing price of $8.48. About 30.378 million shares of the stock changed hands on the day. The trading volume of SRNE’s shares during the past session compares with the stock’s average daily trading volume of 41.009 million shares. On the other hand, a float of 201 million shares and a weekly performance of -25.62% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $0 for SRNE’s share which suggests that the stock, price of which is currently buoying between $7.67 and $8.26, is prone to a loss of -100%. But still, there are some analysts recommending a price below the agreed average price and one of them has given a target price of $21 to the stock.
The latest data released on August 14, 2020 shows that the short float in the Sorrento Therapeutics, Inc.’s stock is trending upward as short interest in SRNE shares climbed up leaving more number of shares available to public for trading. Number of shares shorted in the SRNE is currently comprised of 26.03% of the float as the volume of shorted shares inclined by 1759577 shares. Over the past two weeks, stock’s short interests weakened as number of shorted shares increased to 54.064 million shares from the previous figure of 52.304 million shares. Stock’s average intraday volume is now standing at 100.479 million shares which indicate that the days to cover the shorts are nearly 1.
After concluding the day’s trading, price of Sorrento Therapeutics, Inc. (NASDAQ:SRNE) is down -$2.8 over the week and it is -$0.42 below20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $19.39 that was attained on 08/10/20.
The stock has traded as low as $1.39 in past 52-week, and its current price is 484.89% above from that 52-week low price mark recorded on 10/11/19, which is an indicator that could increase the investors’ motivation level in taking advantage of price surge the stock has currently been going through. Stock currently has its beta at 3.14. A beta value of more than 1 represents higher volatility of a stock than that of the market and for the reason investors closely watch the behavior of such stock.
Current indicators are pointing at 41.33 as 14-days RSI of Sorrento Therapeutics, Inc. This means that the SRNE is currently in a neutral territory and its share’s price movement is likely to be steady for a while. Similarly, the stochastic oscillator is indicating a momentum of 8.02%, implying stock’s share price is buoying in an overbought state.
Technical chart is showing 1st resistance point of $8.37 for the SRNE’s share while placing it at a 2nd resistance point of $8.61 to be settled at. But if the stock takes a plunge lower than the 1st support price of $7.78 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $7.43.
MACD oscillator is showing a reading of -1.65 for the stock which means that it is currently in the red zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average, which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
H.C. Wainwright maintained its Buy recommendation for SRNE stock in a review note dated July 31, but moved the price target up from $24 to $30. The stock gets a Buy recommendation from analysts at Dawson James who started covering the stock with a target price of $24 in their May 26 note to investors.JMP Securities analysts started covering the stock with recommendation of Mkt Outperform rating on October 07, while suggesting a price target of $21 to it.
The average rating of 2 for SRNE is placing the stock in bullish category at the moment. In a poll by Reuters including 2 analysts in it who kept tracking the Sorrento Therapeutics, Inc., 0 rated the stock as hold. Others were in different opinions for the SRNE. Out of remaining 2 analysts, 2 rated the stock as a buy or strong buy. 0 were in favor of a sell rating for the stock while advising investors to shun the stock if they already have any or otherwise not to buy it.
A quick look at other side of the picture shows that SRNE stock is ahead of earnings per share estimates with a forward price-to-earnings ratio of 36.95.
Projection by Zacks Consensus Estimates suggests that Sorrento Therapeutics, Inc. (NASDAQ:SRNE) will see its current-quarter revenues drop by nearly -99.87% to be decreased to about $11.53 million. Full-year revenue of the company is however forecasted to be increased by nearly 86.64% to bring $58.66 million in revenues against last year revenue of $31.43 million. Earnings, after adjustments, are likely to fell by -68% to post an EPS of -$0.16, while estimate for company’s full year earnings is -$0.83 per share with a growth rate of -62.27%.