SRNE - Why Sorrento Therapeutics Stock Is Surging Today
Shares of Sorrento Therapeutics (NASDAQ: SRNE) were surging 10.5% higher as of 11:07 a.m. EDT on Tuesday. The nice gain came following the company's announcement late Monday evening of encouraging preclinical data for its experimental COVID-19 antibody therapies STI-1499 and STI-2020.
Sorrento announced that both experimental antibody therapies showed solid neutralizing activity against the SARS-CoV-2 virus in preclinical testing with Syrian golden hamsters. On the fifth day following treatment, a 500 microgram dose of STI-2020 reduced the viral load in the lungs to undetectable levels in 100% of the hamsters tested. A 2,000 microgram dose of STI-1499 reduced the viral load below detectable levels in 60% of hamsters tested. It also achieved a tenfold reduction in the other 40% of hamsters in the preclinical study.
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Why Sorrento Therapeutics Stock Is Surging Today