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The heavy selling pressure might have exhausted for Sorrento Therapeutics (SRNE) as it is technically in oversold territory now. In addition to this technical measure, strong agreement among Wall Street analysts in revising earnings estimates higher indicates that the stock is ripe for a trend reversal.
Sorrento Therapeutics (NASDAQ: SRNE ) is down by more than 60% today following the company's announcement that it would file for Chapter 11 bankruptcy. Scintilla Pharmaceuticals, a wholly owned subsidiary of Sorrento, will also file for Chapter 11.
Sorrento Therapeutics (NASDAQ:SRNE) Inc plunged more than 60% after it was revealed the biopharmaceutical company has filed for Chapter 11 bankruptcy protection as its debts mount amid lawsuits. Sorrento and its wholly-owned subsidiary Scintilla Pharmaceuticals Inc have commenced voluntary bankruptcy proceedings in the US Bankruptcy Court for the Southern District of Texas “to protect the company's business and maximize its value,” according to a document filed with the SEC on Monday.
A famed short-seller already had Sorrento Therapeutics in its sights as far back as 2020. That pressure came to a head Monday.
A bankruptcy filing is weighing on the drugmaker's shares today.
Sorrento Therapeutics (NASDAQ: SRNE ) stock is falling on Monday after the company filed for bankruptcy alongside subsidiary Scintilla Pharmaceuticals. A filing with the U.S. Securities and Exchange Commission (SEC) reveals the bankruptcy filing was made with the United States Bankruptcy Court for the Southern District of Texas.
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Shares of Scilex could trade higher due to hedging pressure from large Sorrento short positions. Scilex's equity offering facilities, mean that the price could fall precipitously at any time via company dilution.
Sorrento Therapeutics is on the move following preliminary results from its subsidiary Scilex. Scilex is making money with the company's 1st product to market
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