- NASDAQ: SRNE has jumped by over 17% on Monday, resuming its rise after being beaten by short-sellers.
- Sorrento Therapeutics has a long list of products except for another coronavirus candidate.
- High volatility is set to continue as the race for immunization continues.
The entire world is working on a vaccine to COVID-19. AstraZeneca, Moderna, and Pfizer seem to lead the race, but there are dark horses such as Chinese firms, Vaxart, Novavax – and also Sorrento Therapeutics.
The California-based firm is somewhat lagging behind in developing immunization. Its T-VIVA-19 product is only at an early stager while large firms are in Phase 3.
However, Sorrento is also developing a neutralizing antibody that is called COVI-Guard. In addition, its abivertinib product is set to help struggling patients that are suffering from acute respiratory distress. Other developments in the pipeline are called COVI-Trace and COVID-Track.
Critics may raise doubts about Sorrento, saying it is being spread thin – running too many projects at once, all having competitors. Nevertheless, it is spreading its bets on various treatments to the disease that is gripping the world. If one or two make it to the mass market, NASDAQ: SRNE shares have room to run.
For those investing in Sorrento for the longer run, its pain management and immuno-oncology products also offer value. It is essential to remember that cancer and back pain has not disappeared from this world.
SRNE Stock Forecast
Sorrento Therapeutics's shares went from trading at the $1 handle all the way to a 52-week high of $19.39 before falling back to earth. The surge came amid hopes that it would win the race to develop a vaccine.
The current run seems more healthy. Critical resistance is at around $8.50, the post-crash cap, while support is at $6, the low point it reached in early September.
More IMMU Stock Price: Immunomedics blows through the roof on news of being acquired by Gilead
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