Sorrento Therapeutics (NASDAQ:SRNE) stock has gained about 20% from the recent low.
Recently Mad Money’s host Jim Cramer made comments on the stock. Although Crammer didn’t give a bullish picture in the stock, He did indicate that there will be a press release and the stock will jump 3-4 points, and that is a chance to get out. Sorrento is a biopharmaceutical company that has a rich pipeline, including over a dozen COVID-19 programs.
It will not be surprising if the company releases an update on one of its pipeline candidates to send the stock higher. As a result, Cramer thinks this will be the best chance investors have to get out. The assertion from Cramer implies that although he sees upside potential in Sorrento, he doesn’t think it is a good bet in the long term.
Therefore, for investors thinking long-term, Sorrento might not be a good pick for now. Its raft of COVID-19 candidates is something to look at, and already some of its diagnostic test kits have received EUA. In the coming months, Sorrento is worth keeping an eye on.