Sorrento Therapeutics Inc (NASDAQ: SRNE) was a top gainer in Friday’s session and closed the day with gains of 158.02%. This followed the company’s announcement that it had an antibody treatment for COVID-19. The company stated that its anti-SARS-COV-2 antibody called STI-1499 showed complete inhibition of the SARS-COV-2 virus when tested at a low antibody concentration.
The company announced that it intends to generate a cocktail of antibodies that will offer a protective shield against the virus, even in situations when mutations make one antibody therapy ineffective. The company also stated that it has been checking billions of antibodies in its G-MAB™ human antibody library. Through this approach, it was able to identify hundreds of antibodies that bind the SARS-COV-2 S1 subunit. From its analysis, about a dozen of the antibodies have shown the potential to block the S1 protein’s interaction with ACE2, the receptor that allows the virus to enter human cells.
The company further stated that the blocking antibodies were further tested for their capacity to inhibit the SARS-COV-2 virus in an in vitro SARS-COV-2 spread model. This was done as per a clinical testing agreement for therapy candidates announced in March 2020. The company also stated that among the antibodies, one demonstrated its ability to fully block the spread of SARS-COV-2 to healthy cells in its experiments. The antibody STI-1499 neutralized the virus 100% at a low antibody level. This made it a potential candidate for more testing and development.
Looking at its price action, SRNE is in a breakout. On Friday, the stock gapped up to open the day at $4.40. It then traded between a low of $3.83 and a high of $9, before closing at $6.76. Volumes in the day stood at 502.42 million.
About Sorrento Therapeutics Inc
Sorrento Therapeutics Inc is a biopharmaceutical company that develops therapies for treating cancer, and other autoimmune diseases. The company is headquartered in San Diego, California.