Stock Alert: Sorrento Therapeutics Shares Up 17%

(RTTNews) - Shares of Sorrento Therapeutics Inc. (SRNE) are rising over 17% today, after the company announced that it has received FDA clearance for its phase 1 clinical trial for COVI-GUARD (STI-1499) in hospitalized COVID-19 patients.

In preclinical studies, STI-1499 demonstrated a 100% in vitro neutralizing effect against SARS-CoV-2, preventing infection of healthy cells. The STI-1499 clinical program is being designed for rapid adaptive expansion, including international sites in Brazil to supplement the US program, the company said.

The stock has been trading in the range of $1.39 - $19.39 for the past one year, and is currently trading at $9.80, up $1.44 or 17.17% in Thursday's regular session. Trading volume is increasing over 39 million versus an average volume of 40.9 million shares.