Is Sorrento Therapeutics (SRNE) Stock Back For Its Previous Peaks?

In the first half of May, Sorrento Therapeutics (NASDAQ: SRNE) stock was worth $8 and began to fall gradually. This continued for a long time, and starting on May 17, the stock began to return to its initial point ($8) after two positive announcements. It is currently trading at $8.43 in the premarket.

Is Sorrento Therapeutics (SRNE) Stock Back For Its Previous Peaks?

Sorrento announced its completed acquisition of ACEA Therapeutics for roughly $38 million, and if certain regulatory clearances and sales targets are fulfilled, future payments will be up to $450 million. Sorrento lauded the drugmaker’s pipeline, which includes abivertinib, which has shown promise in lymphoma and non-small cell lung cancer clinical trials.

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Other cancers, autoimmune diseases, leukemia, multiple sclerosis, and lupus will be treated with abivertinib in upcoming clinical trials conducted by Sorrento. In addition, Sorrento’s 15-minute diagnostic test surpassed other COVID-19 tests for both sensitivity and specificity.

Anthony Gonzales

Biotech, Tech, and Crypto reporter Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.