Clinical-stage, antibody-focused biopharmaceutical company Sorrento Therapeutics (NASDAQ:SRNE) is among the most dedicated companies in the battle against the novel coronavirus. If you’re looking to bet on a biotech that’s serious about treating Covid-19, SRNE stock is one to take a closer look at.
It’s not hard to find biotechnology companies that have one or two products designed to treat the coronavirus. Sometimes, these firms seem to have added a vaccine candidate, symptom treatment or testing modality as an afterthought or just to jump on the anti-Covid bandwagon.
But there’s no bandwagon jumping with Sorrento Therapeutics. This is a power player with a multi-pronged approach and a rich pipeline. Plus, a recently announced license agreement indicates that Sorrento is prepared to try different approaches.
SRNE Stock at a Glance
Biopharmaceutical stocks are known for making big moves in both directions. SRNE stock is certainly no exception to this. To prove it, you can observe that SRNE’s 52-week range is $1.45 to $19.39.
SRNE stock attained its 2020 price peak in August. After that, SRNE stock fell below the $10 level. This is not unusual — biotech sector investors should expect large price gyrations like this.
If anything, it only shows that SRNE stock is capable of approaching $20 and could do it again in the future. Keep in mind that Sorrento has many products. In the world of biotechnology, it only takes one piece of good news on one product and a stock could double in a matter of weeks … or days.
There’s no guarantee that this will happen with SRNE stock, which could be volatile for a while. Therefore, prospective investors should consider a moderately sized position.
A Packed Pipeline
Sorrento’s most well-known programs to address Covid-19 are the STI-1499 neutralizing antibody known as COVI-GUARD and the neutralizing antibody cocktail called COVI-SHIELD.
But don’t forget about Sorrento’s other programs that target the coronavirus. These include the COVI-TRACE saliva-based diagnostic test, the COVI-TRACK blood-based antibody test, the COVI-AMG neutralizing antibody and the COVIDTRAP ACE2 receptor decoy.
Plus, let’s not neglect to mention Sorrento’s T-VIVA-19 protein-based vaccine candidate as well as the company’s targeted receptor inhibitor known as Abivertinib.
Speaking of Abivertinib, the Brazilian Health Regulatory Agency just authorized a large Phase-2 clinical trial for this drug in mild, moderate and severe Covid-19 patients. Thus, Phase-2 clinical trials of Abivertinib are currently ready to proceed in both the U.S. and Brazil.
You’d be hard-pressed to find an anti-Covid biotech with a fuller and more aggressive pipeline. And judging by a recent development, it’s clear that Sorrento continues to make good progress on this front.
Taking Another Approach
The bullish argument in favor of SRNE stock doesn’t just hinge on the company having a large pipeline. It’s also based on Sorrento taking bold and innovative approaches.
In this vein, Sorrento has entered into an exclusive license agreement with Personalized Stem Cells, Inc. (PSC). With this agreement, Sorrento will acquire the global rights to PSC’s adipose-derived mesenchymal stem cells for patients with acute respiratory distress syndrome associated with Covid-19.
The U.S. Food and Drug Administration has already cleared this stem cell program for a Phase-1 clinical trial. The trial is set to enroll approximately 20 hospitalized Covid-19 patients in California.
Sorrento Therapeutics Chairman and CEO Henry Ji considered stem cells to be “a missing piece in our comprehensive portfolio of potential solutions against COVID-19.” Now, that piece isn’t missing anymore and Sorrento’s anti-coronavirus pipeline is even bigger and more diverse.
The Takeaway
There are plenty of Covid-19 stocks to choose from nowadays. However, some coronavirus stocks are better than others.
Sorrento is serious about tacking the coronavirus with a diverse array of product candidates. Moreover, the company is moving forward with cutting-edge treatment approaches. Therefore, SRNE stock is a worthy addition to any portfolio of coronavirus stocks.
On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.
Louis Navellier had an unconventional start, as a grad student who accidentally built a market-beating stock system — with returns rivaling even Warren Buffett. In his latest feat, Louis discovered the “Master Key” to profiting from the biggest tech revolution of this (or any) generation.
