Why Sorrento Therapeutics Stock Jumped Today
Shares of Sorrento Therapeutics (NASDAQ: SRNE) jumped 9.1% higher on Wednesday. The nice gain came after the company reported preliminary third-quarter sales results for pain drug ZTlido and announced the discovery of a new therapy that holds promise in treating COVID-19.
Sorrento's news about ZTlido has a more tangible near-term impact for the company. The biotech stated that it expects Q3 sales for the topical pain product to come in at close to $7.2 million, up 26% from the previous quarter. That's a solid gain, especially considering the headwinds from the COVID-19 pandemic. In addition to its sneak peek at the Q3 sales for ZTlido, Sorrento announced that a late-stage study for experimental non-opioid therapy SP-102 in treating sciatica is over 90% enrolled.
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Source Fool.com
