Earthmeta Earthmeta

Sorrento (SRNE) Stock Up 35% in Pre-market after 160% Rise on Friday

UTC by Christopher Hamman · 3 min read
Sorrento (SRNE) Stock Up 35% in Pre-market after 160% Rise on Friday
Photo: Depositphotos

Sorrento (SRNE) stock price continues to rise. Today it’s around 35% up in the pre-market. This occurred after the biotechnology company announced a breakthrough in its COVID-19 antibody research.

Sorrento Therapeutics Inc (NASDAQ: SRNE) stock price rose by more than 244% during Friday’s trading session. This comes as the company announced a breakthrough that could end the COVID-19 pandemic once for all.

Sorrento (SRNE) revealed that an antibody that it was developing showed “100% inhibition” against COVID-19. The biotechnology company had before now been working on several antibodies against COVID-19. They intended to use it in combination to serve as a “shield”. Sorrento (SRNE) stock price had initially risen by more than 160%. Sources say that Sorrento’s market valuation rose to as high as $1.9 billion on Friday.

As at the time of filing this report, Sorrento (SRNE) stock price was $9.11 (+34.76%).

Sorrento (SRNE) Stock Price Rises as COVID-19 Mutates

The SARS-CoV-2 virus has been undergoing studies by many of the world’s leading experts. The main issue with the coronavirus is its rapid mutation rate. Something that has made it to defy some of the World’s most brilliant minds.

Sorrento’s approach to the problem though is different. They are developing anti-bodies that could work against the virus. In the long term, such an approach could be the best possible option for a rapidly mutating virus. The caveat though is if the anti-body is based on real antibodies from the widest variety of individuals who have been exposed to it.

The antibody or STI-1499 as it is called in-house still has some way to go before clinical trials. Sorrento’s research hasn’t been shared within the wider scientific community for further study. Governmental approval is yet another issue.

Sorrento (SRNE) has already indicated that it has asked government regulators for “priority evaluation and accelerated review”. This will sail through as everyone is in a race towards a solution to the current pandemic.

The biotechnology company also indicated that it would submit its work for peer-review shortly. Sorrento’s (SRNE) stock prices experienced a steep spike at the news. This indicates that the fundamentals of the world economy are still intact despite COVID-19.

This Is a Good Time for Biotech Stocks

As the coronavirus pandemic continues to unfold, biotechnology and biomedical companies are thriving. This may not only have to do with the turf, but also to a new trend which had occurred in the early 2000s. At the time, biotechnology companies hadn’t been seen to provide solutions to problems.

Biotechnology stock peaked when the ex-U.S. President Bill Clinton made comments in favor of biotech stocks. Then the bubble ensued.

Fast forward to today, most of the companies then may have gone bust but a new market has been born. And fortuitously right when humanity needs such a market.

If STI-1499 succeeds, we may be looking at a resurgence of the biotech sphere.

Business News, Market News, News, Stocks, Wall Street
Related Articles
By June 30th, 2021
Business NewsMarket NewsNewsStocksStory of the Day MRNA Stock Jumps 5% as Moderna Announces Better Vaccine Results against COVID-19 Delta Variant
By June 30th, 2021

Moderna’s mRNA vaccine has shown strong results with the delta, beta, and eta COVID-19 variants which have been the cause of concern over the last few months. The US pharma giant also secured emergency approval from the Government of India to use its vaccine for authorized purposes.