“Formal education will make you a living; self-education will make you a fortune.” ~ Jim Rohn
Dear Trader,
Welcome to today’s edition of Wall Street Connected.
As we analyze stocks which are surging in traffic by financial professionals, a stock ranking #14 on top searches by financial professionals with $1B+ in assets under management is a standout today.
Upon emerging as a COVID-19 vaccine candidate in 2020, Sorrento Therapeutics Inc. (SRNE) surged north of 50% in price-per-share.
Upon a press release stating the company was not capable of producing a COVID-19 vaccine, SRNE decreased by 70% in price-per-share.
This could be due to the company having made potentially misleading claims, or it could be due to the fact that stocks can go down up to three times faster than they go up, as many experienced traders and investors may be aware.
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With Pfizer and Moderna currently leading headlines regarding COVID-19 vaccine treatment, well-informed options traders might know something we don’t about Sorrento Therapeutics Inc. (SRNE).
Recent financial publications have stated that traders need to pay close attention to Sorrento Therapeutics Inc (SRNE) right now based on recent moves in the options market.
This is because just yesterday, the SRNE March 19 $30 Calls had some of the highest implied volatility of any equity option in the options market.
Implied volatility shows how much movement the market is expecting in the future.
Options with high levels of implied volatility suggest that traders in the underlying stock are expecting a big move in one direction or the other.
It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off.
In the case of Sorrento Therapeutics Inc. (SRNE), while there are no promises, it would appear that some traders are expecting the stock to trade at or near $30, which would be a significant increase in price-per-share from its current level of about $10.
TrackStarIQ Data
Here are some highlights from FA searches this week…
| RANK | TOP SEARCHES BY FAs (Surging Traffic) This Week [STOCKS] | TOP SEARCHES BY FAs w/ AUM>$1B (Surging Traffic) This Week [STOCKS] | TOP INDUSTRY SEARCHES BY FAs (Surging Traffic) This Week [EQUITIES] | TOP INDUSTRY SEARCHES BY FAs w/ AUM>$1B (Surging Traffic) This Week [EQUITIES] |
|---|---|---|---|---|
| 1 | CCIV | LAC | Biotechnology | Prepackaged software |
| 2 | SRNE | SENS | Drug Manufacturers – Specialty & Generic | Diagnostics & Research |
| 3 | BNGO | MRNA | Diagnostics & Research | Drug Manufacturers – Specialty & Generic |
| 4 | ZOM | CSOD | Insurance – Property & Casualty | Specialty Retail |
| 5 | AAPL | CHRA | Auto Manufacturers | Toilet preparations |
| 6 | NNDM | OBSV | Entertainment | Auto Manufacturers |
| 7 | IBIO | MAXR | Software – Application | Cutlery, Handtools & General Hardware |
| 8 | GEVO | SKYW | Specialty Chemicals | Drug Manufacturers – Specialty & Generic |
| 9 | PLUG | RCAT | Communication Equipment | Electrical Equipment & Parts |
| 10 | FSR | CLGX | Electrical Equipment & Parts | Motion picture and video production |
| 11 | ALL | ALLO | Software – Infrastructure | Oil & Gas Refining & Marketing |
| 12 | TSLA | LULU | Internet Content & Information | Custom computer programming services |
| 13 | GME | AUPH | Semiconductors | Electrical Equipment & Parts |
| 14 | MRNA | SRNE | Computer Hardware | Auto Manufacturers |
| 15 | BCRX | MKL | Consumer Electronics | Software – Infrastructure |
| 16 | DIS | FAST | Specialty Retail | Computer Hardware |
| 17 | NIO | SGNI | Oil & Gas E&P | Banks – Diversified |
| 18 | SNDL | VONI | Conglomerates | Semiconductors |
| 19 | AMRS | ALTX | Internet Retail | Aerospace & Defense |
| 20 | OBSV | LOGQ | Medical Devices | Industrial Metals & Minerals |
What We’re Reading:
What We’re Watching:
The coronavirus pandemic impacted a wide range of sectors, but it could be argued that this one was hit the hardest.
But in recent week, this same sector has rebounded at paces which have outperformed the S&P 500 by nearly 10%
That’s an impressive comeback.
You can learn more about this sector in this video.
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