SRNE Trade on Nov 27, 2019 09:48 from beno: Tradervue User Stock Trades.

Fundamentals

Shares Outstanding: 141.87m
Cash: 34.65m
Current liabilities: 112.7
Current ratio: 0.6
NWC (total current assets - total current liabilities): -45.145m
Monthly Burn rate (net cash used in operating activities / months): 15.2m
Estimated current cash: 4.2m
Accumulated deficit: 597m
Book value per share (Stock holder equity / Shares outstanding): 0.32
Baby Shelf Exemption price per share: 0.528

Catalysts / News / Painting the picture

Received acquisition offers between $3 and $5 per share
2017 ATM S-3 for $350m (pretty sure its all used)
Diluted by ~9m shares since December 2018
Needs cash badly!
Lots of stock resales by institutional investors (many S-3's)
Institutions could be looking for exit when offer comes in
12% SF

Technical Analysis

-Runner on day 1
-Day 2 had an inside near highs of day 1
-Today it broke down then consolidated below the 2.80-2.90 line in the sand from first two days
-Important levels: 2.50, 2.80, 3, 3.20

Original Plan / Strategy

First Test Short at 2.80-2.90 line in sand from first two days

Review

Had orders to scale up 2.84, first order got hit at 2.76. Move was very slow and choppy, someone kept spoofing 200k shares on the bid and price wasn't going down. Cut the trade early as people kept buying in hopes that the bid prop was real.