Why Sorrento Therapeutics Shares Are Tumbling Today
Shares of Sorrento Therapeutics (NASDAQ: SRNE) had fallen 10.6% lower as of 11:12 a.m. EDT on Wednesday. The company hadn't reported any news, but a couple of factors may have been behind the sell-off.
First, the stocks of most drugmakers working on COVID-19 vaccines fell after Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases (NIAID), stated in an interview with JAMA editor Howard Bauchner that COVID-19 vaccines likely won't provide a long period of immunity.
Second, Sorrento has been hit with a deluge of lawsuits over the last few days. These lawsuits allege that the company made misleading statements about its clinical programs, with some of the legal filings specifically referring to public statements about Sorrento's COVID-19 program.
Source Fool.com
