During the first hour of trading Wednesday morning, shares of the commercial-stage biotech Sorrento Therapeutics (NASDAQ: SRNE) gapped up by as much as 8.3% on fairly heavy volume. Since this rocket-like start to today's trading session, the drugmaker's shares have cooled off to some degree, but they were still higher by a respectable 4.3% as of 11:45 a.m. ET Wednesday morning. 

What's sparking this latest rally in Sorrento's stock? Ahead of the opening bell, the company announced that the Food and Drug Administration (FDA) had granted fast track designation to its investigational drug and device product candidate, SP-103. SP-103 is a non-opioid-based pain reliever indicated for acute low back pain.

This coveted regulatory designation will reportedly allow Sorrento's subsidiary, Scilex Holding Company, to seek approval for SP-103 from the FDA on a rolling basis. In theory, a rolling review ought to lead to a faster approval under ideal conditions. 

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Source Fool.com