Sorrento (SRNE) on Watch as Covid-19 Cases Explode Above 80,000 Daily in US

Trending

(NEW YORK)–As COVID-19 cases rocket to new record highs in both Europe and US now may be time to review rentry into Sorrento Therapeutics, Inc. (Nasdaq: SRNE) as cases continue to climb.

On Oct 14, 2020, Brazilian Health Regulatory Agency (ANVISA) Authorizes Sorrento Therapeutics’ Large Phase 2 Clinical Trial of Abivertinib in Mild, Moderate and Severe COVID-19 Patients.

Recent lab tests showed SRNE cancer drug, Abivertinib, reduced the extent to which human immune-system cells overreact to the coronavirus. This overreaction of immune system has been implicated in the deaths of many coronavirus patients.

In July Sorrento received permission from the US FDA to conduct a Phase 2 randomized trial of the drug.

COVID-19 Saliva Test

Another key interest is unlike Abbott’s COVID-19 test, which is nasal, Sorrento’s tests using saliva, which could see greater use among population.

Antibodies

STI-1499 is quite promising because, according to Sorrento, it has completely neutralized the coronavirus in lab tests. www.sorrentotherapeutics.com

COVID-19 Cases Exploding in US and Europe

The main factors we’re liking SRNE down here is that the stock has retraced off its highs making it a more attractive trade down here. But, without a doubt, the main reason SRNE should be added as a trade is the utter explosion of COVID-19 cases across both Europe, and now the US.

With daily US cases now exceeding 80,000, and Arctic air expecting to sweep down into the US Midwest this week, we may be about to see a super explosion run to 100,000+ cases per day, which will send traders flocking back into COVID plays like SRNE.

The RSI on chart is only around 40, and MACD is signaling possible reversal towards the upside. Any break above the 5–day moving average around $8.25 could trigger short covering, and possibly push SRNE back to $10 to $15+ range as the US enters probably one of its darkest chapters of the coronavirus outbreak.

Looking for hot new trading ideas like this? Join Trader Madness investor newsletter for updates below

Tell us about some of the stocks you are currently following and trading
$1 million net worth, or $200,000 income, or $300,000 joint income with spouse

Disclaimer:
This is NOT a solicitation to Buy or Sell any security, but rather is for informational purposes only. Content contained herein includes facts, views, opinions and recommendations of individuals and organizations deemed of interest. Trader Madness (“Trader Madness”) does not guarantee the accuracy, completeness or timeliness of, or otherwise endorse these views, opinions or recommendations, or give investment advice. Trader Madness, its affiliates, or directors, may or may not hold a position in the above security from time to time, and investors are encouraged to consider this as a possible conflict of interest when reviewing this information. In Compliance with SEC Rule 17B Trader Madness was not compensated for this alert, but may hold positions in companies mentioned on and off, and thus should be considered a conflict of interest when reviewing this information. These investments may involve a high degree of risk, thus investors are highly encouraged to consult with a financial advisor before any and all investments.

Safe Harbor Statements:
This website includes statements that may constitute forward-looking statements made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected.
Forward-Looking Statements This news release contains certain statements that may be deemed “forward-looking” statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

Leave a Reply

Your email address will not be published. Required fields are marked *