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Stock Alert: Sorrento Therapeutics Up 17%

Sorrento Therapeutics, Inc. (SRNE) shares are rising more than 17 percent on Monday morning trade as it got clearance from the FDA for the Phase 2 trial of Abivertinib in COVID-19 patients with severe pulmonary symptoms.

Earlier on May 21, the company had acquired an exclusive license agreement for the novel molecule from ACEA Therapeutics.

Abivertinib has been tried in over 600 patients worldwide in oncologic indications.
The shares are currently at $8.17, up 17.22 percent from its previous close of $6.97.

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