Why Sorrento Therapeutics Stock Is Skyrocketing Today

Shares of Sorrento Therapeutics (NASDAQ: SRNE) were skyrocketing 38.5% as of 12:24 p.m. EST on Wednesday. The huge gain came after the biotech announced positive preliminary results on Tuesday evening from its phase 1b study evaluating its COVI-MSC in treating COVID-19.

The fortunes of small biotech stocks like Sorrento depend on good results from clinical studies of their pipeline candidates. And the results announced last night for COVI-MSC, its experimental stem cell therapy, were very good.

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Source Fool.com