(Bloomberg) -- In a stock market inundated with retail investors rushing in to buy anything that moves, the swift reversal we’re seeing was more or less inevitable.That was the warning from Bloomberg Intelligence’s Gina Martin Adams 48 hours ago, just as the S&P 500 Index embarked on what seems likely to be a three-day decline, the longest losing streak since early March. In her view, investors were too optimistic and sentiment was running hot, a recipe for a pullback.“The strong surge since March lows has finally resulted in an overheated momentum signal, and combined with extremely bullish options positioning, suggests stocks are likely to go through some short-term consolidation,” the chief equity strategist wrote Tuesday.Hints the stock market was looking stretched were abundant. Martin Adams pointed to the S&P 500’s 14-day relative strength index, or RSI, punching above the critical overbought threshold for the first time since the rally began in...
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Sorrento Therapeutics Inc (NASDAQ: SRNE) shares were headed higher Thursday following an announcement concerning its antibody test kit for SARS-CoV-2, the virus that causes COVID-19.What Happened: Sorrento said it has filed for an Emergency Use Authorization for its in vitro diagnostic test kit, COVI-TRACK, for independent detection of IgG and IgM antibodies in the blood of patients exposed to the virus.The antibody test is capable of yielding results in 8 minutes or less, according to the company. The test confirms the assay validity by developing three clear lines. Upon validation testing, the test demonstrated a specificity greater than 97% and diagnostic sensitivity of greater than 94%, Sorrento said. What's Next: If the FDA issues an EUA, the company said the COVI-TRACK test will be available for distribution to clinical testing sites nationwide. The company also said it has secured manufacturing capacity to produce up to 5 million test kits per month.COVI-TRACK...
Miller Value Partners recently released its Q1 2020 Investor Letter, a copy of which you can download below. The Miller Value Partners Opportunity Equity Fund posted a return of -38.4% for the quarter (net of fees), underperforming its benchmark, the S&P 500 Index which returned -19.6% in the same quarter. You should check out Miller […]...
