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Monday, November 30, 2020

Sorrento Therapeutics Inc. (NASDAQ:SRNE) on the Path to Ruin

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Sorrento Therapeutics Inc. (SRNE) shares are trading at lower $7.09 and the avg recommendation for the stock is Moderate Buy.

To add more color to this target, the company’s high over the last year is $19.39 and the low is $1.45. Over the last 52 weeks, SRNE is up 357.42% while the S&P 500 is up 7.73%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

In the last quarter, SRNE reported a profit of $6.76 million. Sorrento Therapeutics Inc. also saw revenues increase to $9.01 million. In addition, SRNE has free cash flow of -$77.05 million as of 06-2020. The company’s EBITDA came in at -$45.13 million which compares well with its peers.

SRNE Return on Equity (ROE) is -297.90%, and its Return on Assets is -49.40%. All told, it is clear that, SRNE needs to be on your watchlist.

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. SRNE has a short ratio of 1.87 and outstanding shares of 216.96M.

Company Outlook

SRNE has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 11.1 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at -1.61. Sorrento Therapeutics Inc. SRNE also noted assets of $533.07 million at the end of the last quarter. Investors should also keep an eye on sector updates as SRNE has historically followed its peers on positive news.

All told, Sorrento Therapeutics Inc. SRNE has strung together solid data and demonstrated underlying fundamentals. At its current valuation, SRNE represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

Sorrento Therapeutics Inc. SRNE is now commanding a market cap of 1.90B and a float of 182.14M. SRNE is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of SRNE stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in SRNE, either long or short, and we have not been compensated for this article.

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