Stock Alert: Sorrento Therapeutics Up 14%

Shares of Sorrento Therapeutics, Inc. (SRNE) gained nearly 14% on Wednesday morning after the company reported positive results from an ongoing study for treatment of patients suffering from COVID-19-induced respiratory problems.

SRNE is currently trading at $11.87, up $1.45 or 13.92%, on the Nasdaq.

Sorrento Therapeutics announced positive results from ongoing phase 1b study of human allogeneic adipose-derived mesenchymal stem cells, COVI-MSC, for patients suffering from COVID-19-induced acute respiratory distress (ARD) or acute respiratory distress syndrome (ARDS).

The company said that the first three patients enrolled tolerated treatment well and improved rapidly. Each of the three patients was discharged from the hospital within a week of starting the patient's COVI-MSC infusions and two patients were discharged on the day of their last infusion.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
After Disney World, retail giant Walmart Inc. (WMT) makes it mandatory for all its employees to wear mask on their facilities in the "high-risk" states where the Delta variant of Coronavirus has become menacing. The orders will be in effect immediately. The Center for Disease Control and Prevention... Generac Power Systems is recalling 325,735 units of Generac and DR 6500 Watt and 8000 Watt portable generators for potential risk of finger amputation and crushing hazards, a statement by the U.S. Consumer Product Safety Commission (CPSC) showed. These include 4,575 units sold in Canada. Omaha, Nebraska- based Greater Omaha Packing is recalling around 295,236 pounds of raw beef products citing the possible presence of E. coli O157:H7, the U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS said. The raw beef products intended for non-intact use were produced on July 13.
Follow RTT