(NEW YORK)–As COVID-19 cases rocket to new record highs in both Europe and US now may be time to review rentry into Sorrento Therapeutics, Inc. (Nasdaq: SRNE) as cases continue to climb.
On Oct 14, 2020, Brazilian Health Regulatory Agency (ANVISA) Authorizes Sorrento Therapeutics’ Large Phase 2 Clinical Trial of Abivertinib in Mild, Moderate and Severe COVID-19 Patients.
Recent lab tests showed SRNE cancer drug, Abivertinib, reduced the extent to which human immune-system cells overreact to the coronavirus. This overreaction of immune system has been implicated in the deaths of many coronavirus patients.
In July Sorrento received permission from the US FDA to conduct a Phase 2 randomized trial of the drug.
COVID-19 Saliva Test
Another key interest is unlike Abbott’s COVID-19 test, which is nasal, Sorrento’s tests using saliva, which could see greater use among population.
STI-1499 is quite promising because, according to Sorrento, it has completely neutralized the coronavirus in lab tests. www.sorrentotherapeutics.com
COVID-19 Cases Exploding in US and Europe
The main factors we’re liking SRNE down here is that the stock has retraced off its highs making it a more attractive trade down here. But, without a doubt, the main reason SRNE should be added as a trade is the utter explosion of COVID-19 cases across both Europe, and now the US.
With daily US cases now exceeding 80,000, and Arctic air expecting to sweep down into the US Midwest this week, we may be about to see a super explosion run to 100,000+ cases per day, which will send traders flocking back into COVID plays like SRNE.
The RSI on chart is only around 40, and MACD is signaling possible reversal towards the upside. Any break above the 5–day moving average around $8.25 could trigger short covering, and possibly push SRNE back to $10 to $15+ range as the US enters probably one of its darkest chapters of the coronavirus outbreak.
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