SRNE - Why Sorrento Therapeutics Is Climbing Today
Shares of Sorrento Therapeutics (NASDAQ: SRNE) were up by 10.3% as of 2:02 p.m. EDT Thursday. Although the company hasn't released any news, the increase in new COVID-19 cases in many parts of the world may have investors thinking about the potential for Sorrento's COVI-STIX testing product.
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That product recently received emergency use authorization (EUA) in Mexico, where daily new diagnoses have risen by 50% in the past month. The company submitted a request to the FDA at the end of last year for authorization for the test's use in the U.S., and is also working toward getting it a green light in Europe.
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Why Sorrento Therapeutics Is Climbing Today