Why Sorrento Therapeutics Stock Jumped Today

Shares of Sorrento Therapeutics (NASDAQ: SRNE) were jumping 5.1% as of 3:13 p.m. EST on Wednesday after rising as much as 12.5% earlier in the day. The gain came following the company's announcement Tuesday evening of the presentation of new data for its STI-2020 COVID-19 antibody therapy with new variants of the novel coronavirus SARS-CoV-2. 

Sorrento executive Robert Allen presented some data yesterday at PepTalk 2021 and will make another presentation on Thursday. The company stated that this new data showed evidence of sustained binding potency of its experimental STI-2020 antibody therapy with the B.1.1.7 variant of SARS-CoV-2 initially identified in the U.K. and the B.1.351 variant initially identified in South Africa.

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Source Fool.com