Why Sorrento Therapeutics Stock Surged Today
Shares of Sorrento Therapeutics (NASDAQ: SRNE) climbed 15.6% on Monday, after the biopharmaceutical company released encouraging data from its phase 1b study of its COVID-19 treatment candidate, COVI-MSC.
COVI-MSC is a stem cell therapy intended for patients with COVID-19-induced acute respiratory distress. Sorrento said on Jan. 26 that the first three people who received COVI-MSC were discharged from the hospital within a week.
On Sunday, the biotech said a fourth patient, who had required mechanical ventilation because of deteriorating respiratory function, saw his condition quickly improve and was able to be discharged from the hospital the evening after his third infusion of COVI-MSC.
Source Fool.com