SRNESorrento Therapeutics Shares Up Nearly 11% on Covid-19 Vaccine Candidate
12:33 pm ET July 1, 2020 (Dow Jones) Print
By Stephen Nakrosis
Shares of Sorrento Therapeutics, Inc. are moving higher on the Nasdaq Wednesday, after the company said it published initial pre-clinical results from its Covid-19 vaccination program "which introduced a novel targeted protein vaccine against Covid-19, referred to as T-VIVA-19."
The company said mice injected with rS1-Fc, an ingredient in T-VIVA-19, and later given a booster shot showed "antibodies against the SARS-CoV-2 protein in all mice within the first week of administration. Antibodies were observed to be enhanced upon the administration of a booster."
At 12:29 p.m. EDT, the company's shares had risen 10.91% to trade at $6.96. Volume at the time topped 15.2 million shares. The stock's 65-day average volume is some 31 million.
The company said it "plans to take the T-VIVA-19 vaccine candidate through the regulatory steps for clinical trial clearance, while preparing for large scale manufacturing and commercial distribution in parallel."
