Sorrento Therapeutics Inc (SRNE)

[Opti Mist]

Sorrento down another 15% as Hindenburg shorts
May 20, 2020 9:52 AM ET|About: Sorrento Therapeutics, Inc. (SRNE)|By: Stephen Alpher, SA News Editor
"I suggest extreme skepticism regarding any claims made by Sorrento (NASDAQ:SRNE)," one former employee tells Hindenburg Research. "I would never in my life have put out a press release where I say we have a cure," says a former executive.
Full report here
Hindenburg claims the company was nearly out of cash and facing solvency concerns ahead of its COVID-19 cure announcement.
Hindenburg: "We believe that Sorrento’s actions are manipulative at the worst possible time and simply amount to an attempt to shamelessly profiteer off the pandemic."
Shares are down 15% this morning, and now off about 50% from the high hit on Monday.
Hindenburg has been critical on other Covid-19 names recently, like Opko Health (NASDAQ:OPK) and Co-Diagnostics (NASDAQ:CODX).