Here's Why Sorrento Therapeutics Plummeted 37.8% in October
Shares of Sorrento Therapeutics (NASDAQ: SRNE) fell 37.8% in October according to data provided by S&P Global Market Intelligence. Shares peaked on Oct. 13 in anticipation of a research and development presentation to go over the company's vast array of potential COVID-19 products. Sorrento has a pipeline of drugs to treat patients infected with the novel coronavirus, to prevent infection with a vaccine, and to detect the coronavirus with various diagnostic tests.
Following the presentation, investors seem to have realized that while Sorrento has quite a few programs to address the COVID-19 pandemic, the company hasn't made much progress on getting the drugs, vaccines, and tests to a point where it can generate revenue.
During the month, Sorrento announced that it licensed yet another potential COVID-19 treatment from Personalized Stem Cells. But like its other programs, the mesenchymal stem cell program is still at the early stage of development.
Source Fool.com
