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May 15, 2020, 1:46 p.m. EDT

Sorrento Therapeutics' stock soars on massive volume after upbeat report on COVID-19 antibody experiment

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By Tomi Kilgore

Shares of Sorrento Therapeutics Inc. /zigman2/quotes/205669265/composite SRNE -7.12% blasted 153% higher on very heavy volume in afternoon trading Friday, putting it on track to close at a near 2-year high, after the biopharmaceutical company provided an upbeat assessment of the results of a preclinical experiment of its COVID-19 virus antibody. Trading volume exploded to 364.8 million shares, enough to make the stock the most actively traded on major U.S. exchanges, and well above the full-day average of about 6.6 million shares. After four days of incubation, Sorrento said it STI-1499 antibody demonstrated 100% inhibition of the COVID-19 virus infection of healthy cells. The company said full results of the experiment will be soon submitted to a "peer-reviewed publication." The company said last week that it planned to develop an antibody cocktail treatment for patients at risk or with new infections of COVID-19, in partnership with Mount Sinai Health System. "Sorrento has determined STI-1499 will likely be the first antibody in the antibody cocktail (COVI-SHIELD™) it is developing, as recently announced," the company stated. "STI-1499 is also expected to be developed as a stand-alone therapy, (COVI-GUARD™) because of the high potency it has exhibited in experiments to date." The stock has now nearly doubled (up 96%) year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.15% has lost 12%.

/zigman2/quotes/205669265/composite
US : U.S.: Nasdaq
$ 3.26
-0.25 -7.12%
Volume: 13.55M
Jan. 26, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.08 billion
Rev. per Employee
$102,257
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/zigman2/quotes/210599714/realtime
US : S&P US
4,349.93
-6.52 -0.15%
Volume: 3.23B
Jan. 26, 2022 5:12p
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