Stock Alert: Sorrento Therapeutics Down 10%

(RTTNews) - Shares of Sorrento Therapeutics, Inc. (SRNE) are currently losing nearly 10% on Monday morning following the news that Yale's saliva-based COVID-19 test received emergency use authorization from FDA, while SRNE's saliva-based test is still in development.

SRNE is currently trading at $11.20, down $1.23 or 9.93%, on the Nasdaq.

Sorrento's stock took a hit as the biotech company too has a saliva-based COVID-19 test in development. Last month, Sorrento announced it has entered into a licensing agreement with Columbia University for the rights to a rapid, one-step diagnostic test that detects SARS-CoV-2 virus in as little as 30 minutes from a sample of saliva.

Meanwhile, Yale's competing saliva-based COVID-19 test is reported to be given away for free.

The testing method is immediately available to other diagnostic laboratories that want to start using the new test, which can be scaled up quickly for use across the nation, the researchers said.