Why Sorrento Therapeutics Stock Jumped Today
Shares of Sorrento Therapeutics (NASDAQ: SRNE) rallied on Thursday after the biopharmaceutical company said it would take action against an organization it claims fraudulently attempted to manipulate its stock price. As of 3 p.m. EDT, Sorrento's stock was up 5% after rising as much as 16.6% earlier in the day.
Sorrento claims Hindenburg Research -- a noted short-seller -- published false and/or misleading statements about its COVID-19 diagnostic test. Sorrento said it would work with regulators and law enforcement "to ensure that any criminal activity is investigated and rectified." It also demanded that Hindenburg retract its claims and threatened legal action.
Sorrento Therapeutics is battling its skeptics. Image source: Getty Images.
Source Fool.com
