Why Sorrento Therapeutics Is Tanking Today

Sorrento Therapeutics (NASDAQ: SRNE), a clinical-stage biotech with an extensive COVID-19 product pipeline, is having a rough day today. The biotech's stock is down by a noteworthy 14% as of 10:54 a.m. EDT Wednesday.

The culprit? Investors appear to be disappointed at Sorrento's COVID-19 pipeline and research and development update yesterday. Some shareholders seemingly had high hopes that the company would announce a game-changing event -- such as an emergency use authorization (EUA) for one of its plethora of COVID-19 pipeline candidates. 

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Source Fool.com