$SRNE;
Shares of Sorrento Therapeutics Inc. SRNE, +157.25% 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™)
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