Coronavirus plays have been a rage among investors for many months now and one of those is Sorrento Therapeutics (NASDAQ: SRNE), due to the multiple COVID 19 programs it has in the pipeline.
Even though the Sorrento stock declined by 25% from its levels last week, it is still up by as much as 60% in 2021 so far. The primary reason behind the continued excitement about the Sorrento stock is due to the fact that it has as many as 11 coronavirus candidates in the pipeline.
Last year the company managed to get the coveted Emergency Use Authorization for its product COVI-TRACK antibody test. The company also filed for European approval for COVI-STIX rapid coronavirus test in December last year.
Hence, there are a lot of things that have gone in Sorrento’s favor with regards to its coronavirus products. While that may be true, there are still certain hurdles that would need to be jumped for most of its products. At this point, investors could keep the stock on their watch lists.