SRNE - Why Sorrento Therapeutics Stock Is Jumping Today
Shares of Sorrento Therapeutics (NASDAQ: SRNE) were jumping 11.2% higher as of 11:09 a.m. EST on Wednesday. The nice gain came after the company announced that it's filing an investigational new drug (IND) application with the U.S. Food and Drug Administration (FDA) to begin an early-stage clinical study evaluating experimental intranasal drug STI-2099 in treating COVID-19.
Normally, the filing of an IND wouldn't be a major catalyst for a biotech stock . However, Sorrento's announcement about submitting for FDA approval to begin a clinical study of STI-2099 comes hot on the heels of the IND filing for experimental COVID-19 antibody therapy STI-2020 earlier this week. There's also the reality that anything related to coronavirus treatments and vaccines tends to fire up investors right now.
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Why Sorrento Therapeutics Stock Is Jumping Today