Did You Catch This Biotech Stock's 74% Rally?
by Mike Paulenoff
August 9, 2020 • 1:11 PM EDT
In his morning report this past Tuesday (see charts), Mike Paulenoff highlighted a set-up in Sorrento Therapeutics (SRNE), trading at $10.61 at the time, noting potential upside projections initially to $14.50-$15.
While citing the event risks associated with a volatile biotech name in the Covid-19 space, he wrote: "The increasingly compelling near- and intermediate-term technical set up spanning the past 4-/12 years represents a massive accumulation period that is occurring for a reason. The ability of SRNE to sustain strength above 10.65 going forward argues that 'the reasons' are gaining traction with investors."
SRNE closed the week at $14.42, up 36% from Mike's Tuesday am alert, and up 74% from when Mike initiated coverage on July 20 (at $8.27) for MPTrader members.
Where is SRNE headed next?
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Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
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