The News That Has Sorrento Therapeutics Trading Higher Today

Sorrento Therapeutics Inc SRNE is trading higher Thursday after the company received EUA approval and a product import license from COFEPRIS for its rapid COVID-19 test, COVI-STIX.

COVI-STIX is a 15-minute rapid diagnostic test for the detection of the SARS-CoV-2 virus nucleocapsid antigen in nasal or nasopharyngeal samples of patients. 

Sorrento Therapeutics is establishing a local “Sorrento Mexico Ltd” subsidiary to manage commercial operations in Mexico. The company will commercially launch the COVI-STIX test in Mexico with the first shipments expected to be delivered in July.

See Also: Sorrento Therapeutics Is Forming Pennant Pattern: Technical Levels To Watch

Sorrento Therapeutics is a clinical stage biopharmaceutical company focused on developing new therapies to treat cancers and COVID-19.

Price Action: Sorrento Therapeutics has traded as high as $19.39 and as low as $4.84 over a 52-week period.

At last check Thursday, the stock was up 8.68% at $9.82.