Sorrento Therapeutics (SRNE) Struggles To Gain Despite Positive News: But Why?

The Sorrento Therapeutics (NASDAQ: SRNE) stock was in focus yesterday after the company made a key announcement with regards to its coronavirus treatment product COVIDROPS.

Sorrento Therapeutics (SRNE) Struggles To Gain Despite Positive News: But Why?

Following the announcement, the stock jumped 4% in premarket trading, and in such a situation, it could be advisable for investors to perhaps take a closer look at the announcement. The company announced yesterday that the United States Food and Drug Administration provided clearance for the IND (investigational new drug) application as well as the Phase 1 study of the product in question.

The company had announced in the past that at this point it is looking into the possibility of using the antibody in the form of an intravenous product. In this phase of the study, Sorrento is going to enroll both healthy individuals as well as COVID 19 patients who have been displaying only mild symptoms. The fresh new development is a significant one for Sorrento and has brought its stock back into focus among investors.

Anthony Gonzales

Biotech, Tech, and Crypto reporterAnthony 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.