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SRNE - Sorrento Therapeutics

Industry: Biotechnology Sector: Healthcare Exchange: NASDAQ

SRNE - Sorrento Therapeutics

Industry: Biotechnology Sector: Healthcare Exchange: NASDAQ
#1516()/6724

Fri 16'th Feb 2018

PERIOD 2017-11-17 - 2018-02-16
CHANGE -3.31%
PRICE $8.75
VOLUME
Sell
TREND
Buy

MV LONG
Buy

MV SHORT
Buy

PIVOT
Sell

MACD
Sell

0.00%

Sorrento Therapeutics Stock Analysis

Technical stock analysis for Fri 16'th Feb 2018

Shorts 1.01% ( 2018-01-31 )
Cash 212.2 mill
Loans 126.9 mill
Beta 2.73
ROA -5.45
Buy candidate since 2017-12-28 Gain 139.73%

Sorrento Therapeutics fell by -3.31% in the last day from $9.05 to $8.75 The price has been going up and down for this period, and there has been a 14.38% gain for the last 2 weeks. Volume fell in the last day along with the stock, which is actually a good sign as volume should follow the stock. In the last day the trading volume fell by -3.04 million shares and in total 2.57 million shares bought and sold for approximately $22.45 million.

Access today's Top 5 Buy Candidates

Trend

Sorrento Therapeutics lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 260.32% during the next 3 months and, with 90% probability hold a price between $26.38 and $36.03 at the end of this period.

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Signals

Sorrento Therapeutics holds buy signals from both short- and long-term moving averages. In addition, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down there will be some support from the lines at $7.75 and $6.50. A break down below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sales signal was issued from a pivot top point on Thursday February 15, 2018, which indicates further falls until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

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Relative Strength Index (RSI)

RSI14 is 59 and the stock is currently not being overbought or oversold

Access full RSI 14 and RSI 21 lists

Support & Resistance

On the downside, the stock finds support just below today's level from accumulated volume at $7.75 and $7.65. On the upside the stock meets some resistance just above today's level from accumulated volume at $9.05.

There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Sorrento Therapeutics finds support just below today's level at $7.75. If this is broken, then the next support from accumulated volume will be at $7.65 and $7.25. The stock is about to test the resistance from accumulated volume at $9.05 and this may cause the stock to take a minor break or get into a more sideways move for a few days.

Support: $7.75 Price: $8.75 Resistance: $9.05

Risk

This stock may move much during a day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.48 between high and low, or 5.43%. For the last week, the stock has had a daily average volatility of 11.00%.

Our recommended stoploss: $8.23 (-5.95%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from pivot top found 1 days ago.)

Overall risk:

Very Low Low Medium High Very High

Evaluation

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for this stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our recommendation for this stock since last evaluation from a Strong Buy Candidate to a Buy Candidate.

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