SRNE - Why Shares of Sorrento Therapeutics Jumped This Week
Sorrento Therapeutics (NASDAQ: SRNE) , a clinical-stage biopharmaceutical company, saw its shares rise more than 10% this week. The stock opened at $8.36 on Monday and rose to a high of $9.63 on Wednesday. The stock is up more than 32% this year and has been somewhat volatile in the past 52 weeks, with a high of $17.25 and a low of $5.17, both set last summer.
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Sorrento had a series of positive announcements that drove up the stock. On Monday, the company said that its Sofusa technology, while delivering Enbrel (a drug marketed in the U.S. by Amgen ) through the skin and lymphatic system, achieved a strong response in a phase 1B study against rheumatoid arthritis after 12 weeks. The key point was by using a different delivery system, the company got the result using 50% of the typical Enbrel dose.
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Why Shares of Sorrento Therapeutics Jumped This Week