SRNE Stock – Sorrento Therapeutics skyrockets 244% after claiming a breakthrough on a COVID-19 antibody (SRNE)
- Shares of Sorrento Therapeutics spiked as much as 244% on Friday after the company said an antibody it was developing showed “100% inhibition” of the COVID-19 virus in preclinical studies.
- The small biotechnology company said it aimed to create “an antibody cocktail that would act as a ‘protective shield'” against the coronavirus.
- Sorrento said the full results of from its experiments would be “submitted to a peer-reviewed publication shortly.”
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Sorrento Therapeutics skyrocketed as much as 244% on Friday after the company said an antibody it was developing showed “100% inhibition” of the COVID-19 virus in preclinical studies.
The small biotechnology company said it planned to “generate an antibody cocktail product that would act as a ‘protective shield’ against SARS-CoV-2,” the official name of the novel coronavirus.
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Sorrento said it would ask regulators for “priority evaluation and accelerated review” of its antibody candidate. The company added that it hoped to receive government support and partner with a pharmaceutical company to scale up manufacturing of its candidate if clinical studies find it to be successful.
Sorrento said the full results from its preclinical experiments would be “submitted to a peer-reviewed publication shortly.”
Sorrento’s market value surged from $549 million at Thursday’s close to roughly $1.9 billion at Friday’s intraday highs.
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