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Today’s trade with Jeff Williams: Sorrento Therapeutics Inc. (SRNE)

Jeff WilliamsJeff Williams ·

  The set-up: A lawsuit pending against the company was dismissed last week, and two company insiders (including the CEO) were buying the stock, creating some interest in SRNE from a fundamental point of view. On the technical side, the stock was pushed past both its 20- and 50-day moving averages on Friday, bullish signs on the short term.

  When I’ll look to buy SRNE on MondayBecause the stock hit over the previous high of $2.10 before falling back late Friday, there’s a gap up to be closed here, upwards towards $3. I’ll be looking for the stock to get up over $2.30; that will be my trigger point because it will show me the stock is stepping back up into the gap. At that point, this is a short-term trade.

   When I’ll close that position: This is a short-term trade. I’m looking for anywhere from 5 to 20 percent, and I’m out if/when I get it. I’ll set a stop-loss below $2.10.

   Bonus point: Because of the gap and the potential for this stock to go to the high $2s – plus the solid fundamental case — I could be playing SRNE more than one day this week, most likely as a day trade rather than an overnight hold.

 

#-#-#

 

   Jeff Williams is the lead trader of PennyPro.com. He is a short-term trader of stocks under $10 a share. At the time this article was published on RagingBull.com, he had no open positions, options or orders in SRNE. He traded the stock on Friday, buying in at $1.95 and selling at $2.06. He also sold the stock short on Friday at $2.08 average and covered at $2.045. He also traded the stock on April 13th buying at $1.98 and selling the same day at $1.96. Prior to that, he had not invested in SRNE in 2017.

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