(VIANEWS) – Shares of Sorrento Therapeutics (NASDAQ: SRNE) fell by a staggering 16.86% in 5 sessions from $1.72 at -16.86, to $1.43 at 19:26 EST on Friday, after five consecutive sessions in a row of losses. NASDAQ is rising 0.01% to $11,146.06, following the last session’s upward trend.

Sorrento Therapeutics’s last close was $1.43, 78.78% below its 52-week high of $6.74.

Why is Sorrento Therapeutics Stock Going Down?

SRNE, a clinical stage biopharmaceutical company, manufactures a portfolio of immuno-oncology therapeutics. Its product portfolio includes antibody drug conjugates, CAR-T programs for solid tumors, and antibody technologies targeting intracellular and extracellular antigens.

Sorrento Therapeutics stock has been a target of short-sellers during this year’s brutal bear market. It has lost more than 65 percent of its value since the beginning of the year. However, the stock has gained a boost from a broad-based relief rally. This could mean that Sorrento Therapeutics has a real chance of breaking out of its current downturn.

The company has been a prime target for short sellers because it does not have a significant near-term catalyst. Instead, Sorrento Therapeutics has been focused on advancing its potential of its ZTLIDO technology. It recently announced deals to expand its ZTLIDO franchise. It is also planning to apply for a lead clinical candidate.

The company reported a net loss of $260 million through the first six months of the year. However, it also saw a 7% year-over-year increase in revenue. This could lead to continued growth in the company’s profit.

The company’s product portfolio also includes SP-103, a potential blockbuster drug. It has also entered into a licensing and commercialization agreement with Romeg Therapeutics. Sorrento’s remaining suite of COVID products are still in earlier stages of development. However, it expects revenue growth from the COVID-19 franchise.

The company is also focused on the development of novel immunotherapies. Therapies include antibody drug conjugates, cellular therapy, and cell internalizing antibodies. It is also developing an antibody technology that targets intracellular antigens.

About Sorrento Therapeutics

Sorrento Therapeutics, Inc. is a commercial and clinical biopharmaceutical firm that develops treatments for neurodegenerative, autoimmune, inflammatory, and cancer. The company operates in two segments: Sorrento Therapeutics, and Scilex. It offers cancer therapy by using its G-MAB antigen library and targeted delivery methods. These include antibody drug conjugate and chimeric antigen- receptor T cell therapy (CAR–T), and dimeric antigen receptor therapy T-cell treatment. The company’s current clinical programs include anti-CD38 CAR–T therapy to treat multiple myeloma and amyloidosis. It produces resiniferatoxin (a non-opioid TRPV1 antagonist neurotoxin) for treatment of late-stage cancers and osteoarthritis. ZTlido is a system that delivers lidocaine for postherpetic neuralgia. SEMDEXA is an injectable viscous jelly formulation that has been developed for treatment of sciatica. SP-103, an investigational topical lidocaine system, is currently in clinical development for chronic low back pain. SP-104, a low-dose, delayed-release formulation of naltrexone hydrochloride for the treatment fibromyalgia. SmartPharm Therapeutics Inc. has collaborated with it to create a gene-encoded vaccine against COVID-19. Celularity, Inc. is responsible for initiating the Phase I/II clinical trial, which included up to 94 patients suffering from COVID-19. Mount Sinai Health System will develop COVID-SHIELD, an anti-SARS treatment. Mayo Clinic was involved in Phase Ib pilot studies using sofusa lymphatic drug transport technology to deliver Ipilimumab to delivery to administer Ipilimuma to give Ipilimuma to Ipilimuma to Ipilimumab to patient with skin cancer. It was established in San Diego in 2006.

Earnings Per Share

As for profitability, Sorrento Therapeutics has a trailing twelve months EPS of $-1.3.

The company’s return on equity, which measures the profitability of a business relative to shareholder’s equity, for the twelve trailing months is negative -206.57%.

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