SRNE - Why Sorrento Therapeutics Stock Flew Nearly 7% Higher on Monday
Sorrento Therapeutics (NASDAQ: SRNE) didn't have a case of the Mondays at all. The company's stock zoomed 6.7% higher today on very encouraging news from across the pond.
After U.S. market hours on Friday, Sorrento divulged that the U.K.'s Medicines and Healthcare Products Regulatory Agency (MHRA) has authorized the company to begin a phase 2 efficacy trial of its COVIDROPS, an experimental stem-cell drug to combat COVID-19. The regulator's decision is based on safety data from an earlier study conducted in the U.S. by the California-based biotech .
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Why Sorrento Therapeutics Stock Flew Nearly 7% Higher on Monday