Sorrento Therapeutics (SRNE) continues its upward march on more than double normal volume.
Sorrento Therapeutics Shares have tripled since early December.
In an SEC filing today, the Sorrento Therapeutics eported that it acquired 1,801,801 shares of common stock and warrants to purchase up to 261,438 shares from a third party for a total of $11,531,526.40 ($6.40/share).
Last month, Sorrento Therapeuticsfiled a prospectus for a $100M stock offering.
Shares have been in rally mode ever since Sorrento Therapeutics announced today that SCILEX Pharmaceuticals Inc. a majority-owned subsidiary of Sorrento, had received from the U.S. Food and Drug Administration acknowledgement of receipt of its recently resubmitted New Drug Application for ZTlido (alidocaine patch 1.8%) which has been considered a complete, class 2 response to the prior action letter.
February 28 is the FDA’s action date for its resubmitted marketing application for ZTlido (lidocaine patch 1.8%) for the treatment of postherpetic neuralgia (shingles).
Our recommendation is to consider a momentum buy here for a quick profit trade. Longer-term ,full approval would be increeibly bullish to investors, and could lead to yet another double in the stock considering the market potential of the product.