Volume Spike: Sorrento Therapeutics (SRNE)

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Trader Gregory Rowe works on the floor of the New York Stock Exchange, Monday, Feb. 24, 2020. Stocks are opening sharply lower on Wall Street, pushing the Dow Jones Industrial Average down more than 700 points, as virus cases spread beyond China, threatening to disrupt the global economy. (AP Photo/Richard Drew)

Check out Sorrento Therapeutics (SRNE).

Late last week, the stock exploded 158% higher on volume of 507.6 million shares, as compared to daily average volume of 14.8 million shares.  However, it doesn’t appear the run is over just yet after it provided an upbeat assessment on its COVID-19 antibody experiment.

Better still, according to the company, “its anti-SARS-CoV-2 antibody, STI-1499, demonstrated 100% inhibition of SARS-CoV-2 virus infection in an in vitro virus infection experiment at a very low antibody concentration.”

“Our STI-1499 antibody shows exceptional therapeutic potential and could potentially save lives following receipt of necessary regulatory approvals. We at Sorrento are working day and night to complete the steps necessary to get this product candidate approved and available to the waiting public,” stated Dr. Henry Ji, Chairman and CEO of Sorrento.

Sorrento’s existing state-of-the-art cGMP antibody manufacturing facility in San Diego is expected to be able to produce up to two hundred thousand doses per month and the Company intends to produce a million doses at risk while seeking FDA approval for any STI-1499 product candidate. The Company is seeking potential government support and pharmaceutical partners to further scale up STI-1499 manufacturing capacity with a goal of potentially providing tens of millions of doses in a short period of time to meet the vast projected demand.

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