Shares of Sorrento Therapeutics (NASDAQ:SRNE) are rocketing higher today on reports that the biotech company has made a breakthrough in the fight against COVID-19. Sorrento Therapeutics's shares are up by more than 100% as of 11:49 a.m. on Friday.
In an interview with Fox News, Dr. Henry Ji, CEO of Sorrento Therapeutics, said:
We want to emphasize there is a cure. There is a solution that works 100 percent. If we have the neutralizing antibody in your body, you don't need the social distancing. You can open up a society without fear.
The cure in question is an antibody called STI-1499 that Sorrento Therapeutics has been developing. If Dr. Ji's claims prove accurate, it would be, to put it mildly, a big deal.
Medical professionals believe that a relatively large percentage of those who contract the SARS-CoV-2 virus that causes COVID-19 are asymptomatic, and these silent carriers of the virus can still infect others. This factor explains why many are still fearful that there will be a second wave of COVID-19 infections, especially since several states are now beginning to ease social-distancing rules. These fears will never truly subside without a reliable way to prevent new COVID-19 infections.
Sorrento Therapeutics could reap immense financial benefits if it has indeed found a way to treat and prevent COVID-19. However, investors should remember that until the biotech company demonstrates the efficacy of its product, nothing is set in stone.