Sorrento Therapeutics Quietly Moves Higher On COVID News
MarketBeat.com | Oct 14, 2020 06:56AM ET
Sorrento Therape (NASDAQ:SRNE) emerged as a COVID-19 play earlier this year. The company is a clinical-stage biopharmaceutical company focused on antibody-derived treatments. It was among the first to discover useful antibodies that can inhibit COVID-19 that are now in the midst of testing. The pre-clinical trials produced stunning results including the complete elimination of viral load in animal subjects and shares are moving higher because of it.
Since then, the company has been cementing its place as a leader in the fight against COVID-19. The latest news involves a new therapy for those who develop ARDS, or Acute Respiratory Distress Syndrome. The new therapy is still in the very early phases of development but already promises to aid those in need. If either are approved for use by humans it will be a boost not just for this stock but for the entire stock market.
h2 Sorrento Therapeutics Enters Agreement With Personalized Stem Cells/h2Sorrento Therapeutics inked a deal with Personalized Stem Cells to acquire exclusive global rights to its adipose-derived MSC stem cell therapy for COVID-19. The therapy has already been approved for a Phase 1 clinical trial by the FDA that should start very soon. As part of the deal, Sorrento assumes responsibility for this and follow on trials. Chairman and CEO Dr. Henry Ji said:
“Stem cells were a missing piece in our comprehensive portfolio of potential solutions against COVID-19. We now cover multiple stages of the continuum of care from prevention to potential therapeutic solutions for the most advanced stages of the disease. With PSC’s Phase 1 product candidate, we hope to move quickly through the next clinical trials, and, if successful, be able to provide a supportive therapy ...”
The study is a single-arm, non-randomized Phase 1 study of the safety and preliminary efficacy of the candidate therapy. The data will be compared to non-enrolled patients at the same clinical site as enrolled patients. The primary objective is to evaluate the safety of the stem cells in patients with COVID-19 and in respiratory distress. The secondary objective is to establish a baseline risk/benefit ratio for patients with COVID-19 respiratory distress.
The Phase 1 trial will be focused on 20 hospitalized patients in California with the intent of reducing or preventing long-term lung damage associated with advanced COVID-19. Because stem cells have been demonstrated to support the resolution of symptoms in various other diseases there is a high-expectation this trial will result in some form of success. Following its completion, Sorrento expects to launch a series of Phase 2 trials at different locations around the county.
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Dr. Robert Harman, CEO of PSC stated:
h2 The Technical Outlook: Sorrento Moves Up On Multiple Tailwinds/h2“Sorrento saw the translational value of our decades of work in animal health and has acknowledged the extensive manufacturing and regulatory work we have done in bringing human cell lines to a Phase 1 FDA clearance. We are looking forward to collaborating on this initiative and beyond.”
Sorrento Therapeutics has had a volatile year but the bias has always been up. A rising tide of good news that includes but is not limited to advancements in the fight of COVID-19 are providing lift for share prices. The latest rally began about a month ago after licensing technology from the Mayo Clinic and it has only been gaining momentum.
More recently, share prices have been wrestling with resistance at the $12 level but it looks like that resistance is breaking down. Tuesday’s action has the stock setting a new two-month high with bullish indicators. A clean move above the $12 level would confirm the bullish outlook. In that scenario, the next target is near $18 or 50% upside from current price action.
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