The coronavirus pandemic may have proven to be a major disruption for most companies and the global economy; however, there are some companies that have actually seen their stock prices soar. These companies are generally involved in developing medicines or vaccines for the COVID 19 virus.
What to Expect Now?
One such company is Sorrento Therapeutics, which has been in the process of developing an antibody for the coronavirus. The stock soared this past Friday significantly after the company announced that its antibody had shown the capability of inhibiting COVID 19 100%.
That is a major development for the company, and soon enough, investors piled on to the stock in a big way. The stock soared by as much as 160% on Friday alone, and it started on the same vein this morning. The Sorrento stock has gained as much as 40% this morning so far, and it goes without saying that it is likely going to be on the radars of investors today.
Sorrento also stated that it hopes that it will get the necessary approval for the product from the government so that it can manufacture it through a partnership with a pharmaceutical company. The partnership is going to help the company in scaling up production significantly.
In this regard, it should be noted that the product has not yet been reviewed by any publication, and the claims regarding the product are from the company only. However, that did not stop investors from piling on to the Sorrento stock on Friday.
On Friday alone, its market value shot up to $1.9 billion from $549 million, and it would be interesting to note how the stock reacts upon further news with regards to this particular product. The company revealed that it aims to start human trials of the antibody therapy ST 1499, and if the test proves successful, it could prove to be one of the biggest achievements in Sorrento’s recent history. Sign-up below to follow SRNE developments and other breakout stocks.