If You Own Sorrento Therapeutics (SRNE) Stock, Should You Sell It Now? [Yahoo! Finance News]
Sorrento Therapeutics, Inc. (SRNE)
Last sorrento therapeutics, inc. earnings: 8/9 04:49 pm
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Source: Yahoo! Finance News
Lakewood Capital Managementdownload hereIn the said letter, Lakewood Capital highlighted a few stocks and Sorrento Therapeutics Inc. NASDAQ:SRNE"We recently initiated a short position in Sorrento Therapeutics, a biotechnology company with a checkered history that is now opportunistically claiming to have the cure for COVID-19. We have followed Sorrento for a while, and after years of shady transactions, shameless promotions and staggering losses, the stock appeared to finally reach the end of the road in early 2020. By March, Sorrento was down to $22 million of cash with $285 million of debt and a few hundred million dollars of market capitalization.But, in the second quarter, the company’s fortunes suddenly turned. Sorrento announced plans to sell stock to two different entities, Alliance Global Partners and Arnaki Ltd. Alliance Global Partners has a long history of raising money for failed and fraudulent companies, and Arnaki Ltd. is an opaque British Virgin Island company linked to
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