Sorrento Therapeutics skyrockets 244% after claiming a breakthrough on a COVID-19 antibody

sorrento therapeutics

Reuters

  • Shares of Sorrento Therapeutics spiked as much as 244% on Friday after the company said an antibody it was developing showed “100% inhibition” of the COVID-19 virus in preclinical studies.
  • The small biotechnology company said it aimed to create “an antibody cocktail that would act as a ‘protective shield'” against the coronavirus.
  • Sorrento said the full results of from its experiments would be “submitted to a peer-reviewed publication shortly.”
  • Visit Business Insider’s homepage for more stories.

Sorrento Therapeutics skyrocketed as much as 244% on Friday after the company said an antibody it was developing showed "100% inhibition" of the COVID-19 virus in preclinical studies.” data-reactid=”23″>Sorrento Therapeutics skyrocketed as much as 244% on Friday after the company said an antibody it was developing showed “100% inhibition” of the COVID-19 virus in preclinical studies.

The small biotechnology company said it planned to “generate an antibody cocktail product that would act as a ‘protective shield’ against SARS-CoV-2,” the official name of the novel coronavirus.

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Sorrento said it would ask regulators for “priority evaluation and accelerated review” of its antibody candidate. The company added that it hoped to receive government support and partner with a pharmaceutical company to scale up manufacturing of its candidate if clinical studies find it to be successful.

Sorrento said the full results from its preclinical experiments would be “submitted to a peer-reviewed publication shortly.”

Sorrento’s market value surged from $549 million at Thursday’s close to roughly $1.9 billion at Friday’s intraday highs.

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