Why Shares of Sorrento Therapeutics Jumped This Week

Sorrento Therapeutics (NASDAQ: SRNE), a clinical-stage biopharmaceutical company, saw its shares rise more than 10% this week. The stock opened at $8.36 on Monday and rose to a high of $9.63 on Wednesday. The stock is up more than 32% this year and has been somewhat volatile in the past 52 weeks, with a high of $17.25 and a low of $5.17, both set last summer.

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Sorrento had a series of positive announcements that drove up the stock. On Monday, the company said that its Sofusa technology, while delivering Enbrel (a drug marketed in the U.S. by Amgen) through the skin and lymphatic system, achieved a strong response in a phase 1B study against rheumatoid arthritis after 12 weeks. The key point was by using a different delivery system, the company got the result using 50% of the typical Enbrel dose.

Source Fool.com