- NASDAQ:SRNE jumps 2.68% on Thursday amidst a broader market bounce back.
- Promising results from COVI-DROPS antibody tests show investors some optimism.
- Several other treatments from Sorrento are coming down the pipeline.
NASDAQ:SRNE has finally provided investors and Wall Street with some optimism as the San Diego based biotech firm reported some early positive results from its COVID-19 treatment studies. Shares rose by 2.68% during Thursday’s trading session as the major markets rallied after three straight days of investor selloffs. Sorrento’s stock is now sitting at $7.28 which represents a 35% decline over the past month after investors began to jump ship without any news on its pending coronavirus treatments.
The big announcement from Sorrento revolves around its intranasal treatment for COVID-19 called COVI-DROPS which returned encouraging results when tested on hamsters who were infected with the SARS-CoV-2 virus. The agent is similar to the treatment previously tested called COVI-AMG which is an intravenous method of antibody administration. Animals who received COVI-AMG displayed noticeable differences as early as Day 5 following treatment. For COVI-DROPS, the hamsters surprisingly reacted positively as early as Day 2, showing reduced symptoms of COVID-19 as well as limited weight loss. Sorrento is hopeful that if the treatment has the same effect on humans in the next stage of clinical trials, that COVI-DROPS could be easily accessible and reduce unnecessary visits to hospitals.
SRNE stock price news
While Sorrento’s news is promising, actual distribution to humans may be a long way off. The treatments still have to pass through human testing as well as FDA approval, something several larger pharmaceutical companies like Gilead Sciences (NASDAQ:GILD) have already obtained. Sorrento also has a large amount of debt on its balance sheet as the company is quite literally spending hundreds of millions of dollars to remain in operation, something that should not be seen as sustainable for the long-term.
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