Why Sorrento Therapeutics Stock Is Falling Today
Shares of Sorrento Therapeutics (NASDAQ: SRNE) were trading 5.5% lower as of 12:22 p.m. EDT on Wednesday. The morning's declines came after the company announced earlier that it had completed its acquisition of SmartPharm Therapeutics on Tuesday.
Investors have known about Sorrento's plans to acquire SmartPharm since July 24. Were they disappointed with the decision? Nope. The biotech stock soared by more than 150% over the next few weeks before giving up the gains.
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Source Fool.com
