Plus   Neg

Stock Alert: Sorrento Therapeutics Down 10%

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
British retailer Arcadia fashion group, owned by Philip Green, has entered into administration as it seeks protection from creditors following significant business loss during the coronavirus pandemic. The administration is likely to affect around its 13,000 employees. The retailer, which owns eight high street and fashion retails brands, is now seeking buyers for its brands. Data giant S&P Global Inc. has agreed to acquire information and analytics company IHS Markit Ltd. in an all-stock deal, the two companies said Monday. The deal values IHS Markit at an enterprise value of $44 billion, including $4.8 billion of net debt. Shares of IHS Markit are gaining almost 6 percent following the news. The deal is the biggest in 2020. Moderna, Inc. (MRNA) said it will apply for an Emergency Use approval of its Covid vaccine as the latest study showed that the vaccine candidate is 94.1% effective to prevent Covid-19. The company said there have been no serious safety concerns identified. The company will file for an Emergency...
Follow RTT