Sorrento completes a roundtrip

Recent IPO Sorrento Therapeutics (SRNE -17.1%) trades close to its October 25 first day close of $8.62 representing almost a 50% drop from its March 21 peak of $16.40 as investors continue their exodus from the biotech sector.

iShares NASDAQ Biotech ETF (IBB -0.1%) is down 18% from its February 25 high of $275.40.

Perhaps Aegis Capital should revisit its $40 PT?

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