The stock of Sorrento Therapeutics, Inc. (NASDAQ:SRNE) is now priced at $8.01 and the shares are -0.27 points down or -3.26% lower compared to its previous closing price of $8.28. The stock had 16.818 million contracts set over the past session. SRNE shares’ daily volume is compared to its average trading volume at 41.378 million shares. However, it has a float of 201 million and although its performance was -1.35% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the SRNE share price recently placing at $7.76 to $8.26. However, some brokerage firms have priced the stock below the average, including one that has called $21.
The shorts are climbing into the Sorrento Therapeutics, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the SRNE shares have risen. Short interest in the stock represents just 26.9% of its float, but the volume has raised by 1759577. The volume of shorted shares rised to 54.064 million from 52.304 million shares over the last two weeks. The average intraday trading volume has been 100.479 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Sorrento Therapeutics, Inc. (NASDAQ:SRNE) dropped by -$0.11 over the week and lost -$1.76 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $19.39. The stock recorded its established 52-week high on 08/10/20.
Since 10/11/19, the stock has traded to a low of $1.39 at 476.26%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.95. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Sorrento Therapeutics, Inc.’s two-week RSI is 40.87. This suggests that the stock is neutral at the moment and that SRNE shares’ price movement remains stable. The stochastic readings are equally revealing at 8.46% meaning the SRNE share price is currently in overbought territory.
The technical chart shows that the SRNE stock will likely settle at between $8.26 and $8.51 per share. However, if the stock dips below $7.76, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $7.51.
Currently, the stock is trading in the red of MACD, with a reading of -0.89. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at H.C. Wainwright though raised target price of SRNE stock from $24 to $30 but maintained Buy recommendation in their July 31 review. Dawson James analysts see the stock as a Buy with a target price of $24 in a flash note released to investors on May 26 initiating covering the stock. JMP Securities analysts see the stock as Mkt Outperform when the analysts initiated the share price coverage on October 07, placing it at $21.
The average rating for the SRNE equity is 2 and is currently gathering a bullish momentum. Of 2 analysts tracking Sorrento Therapeutics, Inc. polled by Reuters, 0 rated SRNE as a hold. The remaining 2 analysts were split evenly. However, the split wasn’t equal as a majority (2) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the SRNE stock price is 36.41X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Sorrento Therapeutics, Inc. (NASDAQ:SRNE) will decrease by about -99.87%, which will see them reach $11.53 million. The company’s full-year revenues are, however, expected to increase by about 86.64%, up from $31.43 million to $58.66 million. SRNE’s expected adjusted earnings should drop almost -68% to end up at -$0.16 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -62.27% to record -$0.83/share.