Pre-Market Alert: Sorrento Shares Up 11% On COVI-TRACK Diagnostic Test Application

(RTTNews) - Shares of Sorrento Therapeutics Inc. (SRNE) are rising over 11% in pre-market today, after the company announced that an Application for Emergency Use Authorization or EUA is under review at the U.S. FDA for its COVI-TRACKTM in vitro diagnostic test kit for the independent detection of IgG and IgM antibodies in sera of patients exposed to the SARS-CoV-2 virus.

Upon issuance of an EUA, the COVI-TRACK test would be available for distribution to clinical testing sites nationwide, the company said. Sorrento has secured manufacturing capacity to support the production of up to five million test kits per month.

The stock has been trading in the range of $1.39 - $10.00 for the past one year, and closed Wednesday's trade at $4.54, down 23 cents or 4.82%. SRNE is currently trading at $5.08, up 54 cents or 11.89% in the pre-market session.