Why Sorrento Therapeutics Stock Is Popping Today

Shares of the commercial-stage biotech Sorrento Therapeutics (NASDAQ: SRNE) are having a strong trading session Tuesday. Specifically, the drugmaker's stock was up by a respectable 6.7%, on average volume, as of 2:34 p.m. ET Tuesday.

What's powering Sorrento's stock higher today? Ahead of the opening bell, the biotech announced a late-stage win for its experimental lung cancer drug abivertinib.

Sorrento noted that evaluable advanced non-small cell lung cancer (NSCLC) patients treated with abivertinib in this trial exhibited an overall response rate of 56.5% (118/209). The drug also produced a complete response rate of 5.3% (11/209), along with a median overall survival of 28.2 months in this patient population.

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Source Fool.com