SRNE Stock Price: Sorrento Therapeutics, Inc. trims losses around $12.70
|- Sorrento Therapeutic, Inc. (NASDAQ: SRNE) reverses part of Monday’s drop.
- Monday’s sharp pullback (NASDAQ: SRNE) met support near $10.00.
Shares of Sorrento Therapeutics, Inc. (NASDAQ: SRNE) started the week on a negative footing, losing nearly 18% at some point of the session, although managing to regain some ground lost towards the end of the day. The moderate pullback, however, appears to have met strong contention in the vicinity of the $10.00 yardstick so far.
(NASDAQ: SRNE) retreated sharply at the beginning of the week in response to news that the Food and Drug Administration (FDA) granted emergency use authorization to its saliva-based diagnostic test competitor developed by the Yale School of Public Health.
However, (NASDAQ: SRNE)’s saliva-based rapid diagnostic test candidate seems to have some advantage vs. its Yale’s competitor a priori, as it does not need a laboratory to complete its procedure.
SRNE Stock Forecast
In the premarket activity (NASDAQ: SRNE) is gaining 4.55% at $12.65 and faces the next up barrier at $14.47 (high Aug.13) seconded by $18.33 (high Aug.11) and then $19.39 (high Aug.10). On the downside, a breach of $10.13 (low Aug.17) would expose $7.72 (55-day SMA) and finally $6.12 (monthly low Jul.16).
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