SRNE - Why Sorrento Therapeutics Stock Jumped 10.6% Today
Shares of Sorrento Therapeutics (NASDAQ: SRNE) jumped 10.6% on Thursday. The big gain came after the company announced that its COVI-STIX COVID-19 rapid diagnostic test received an official Emergency Use Authorization (EUA) and import license from the Mexican government.
Sorrento also stated that it's setting up a subsidiary to commercialize the test and future COVID products in Mexico.
Sorrento announced earlier this month that COVI-STIX had received an EUA in Mexico. The company said at the time that it was preparing for the commercial launch of the test in the country. It might be at least a little surprising that the biotech stock rose so much today on what was in large part old news.
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Why Sorrento Therapeutics Stock Jumped 10.6% Today