Here's Why Sorrento Therapeutics Skyrocketed 24% Higher in June
Shares of Sorrento Therapeutics (NASDAQ: SRNE) jumped 24.4% in June, according to data from S&P Global Market Intelligence, as the biotech made progress on its COVID-19 programs.
Sorrento Thrapeutics has a pair of drugs designed to treat COVID-19, the disease caused by the novel coronavirus, a vaccine to prevent infection, and an antibody test to detect past infection.
In May, the biotech announced preclinical data for STI-1499, an antibody targeting SARS-CoV-2. And then in June, the company reported preclinical data on a different drug, STI-4398, an ACE2-Fc protein that also binds the virus and blocks it from infecting respiratory cells.
Source Fool.com