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.
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.