Sorrento Therapeutics Inc. (SRNE) lost ground during morning trading on September 22 to make it one of the worst performers amongst all NYSE and NASDAQ listed stocks in the health care sector halfway through the trading day. At the lunch break, shares of SRNE have fallen 3.57% to $7.57 after closing the day prior at $7.85. So far, the stock has traded as high as $7.96 and as low as $7.54. Today’s decline has come with about 283,731 shares changing hands, compared to an average 30-day volume of 248,795 for Sorrento Therapeutics Inc.. The price is currently below the 30-day volume weighted average price of $7.66 for SRNE.
The share depreciation gives the company a market capitalization of $451.93 million based upon 57.57 million shares outstanding. It also means that SRNE has a price-to-book ratio of 3.18:1.
In the past 52 weeks, shares of SRNE have traded as low as $4.25 and as high as $11.2097. Technical traders will take note that at $7.57, shares of SRNE are trading above their 200-day MA at $6.45 and above their 50-day MA at $6.64. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move through or holding below them is typically regarded as bearish.
Who is SRNE?
Sorrento Therapeutics Inc is a biopharmaceutical company. It is engaged in the discovery, acquisition, development and commercialization of proprietary drug therapeutics for addressing unmet medical needs in the United States. The company’s 97 employees are led by CEO Henry Ji from the corporate headquarters at 9380 Judicial Drive in San Diego, CA.
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