Why Sorrento Therapeutics Is Trading Higher Today

Sorrento Therapeutics Inc SRNE is trading higher Wednesday morning after the company announced that its rapid COVID-19 test, COVI-STIX, was added to the official Mexican government list of emergency use antigen tests.

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. 

Mexico has had close to 2.4 million cases and over 225,000 deaths attributed to COVID-19. 

“We are very grateful to COFEPRIS for working with us closely on this review and listing us for use in Mexico. We look forward to working even more closely with the Mexican government to help deploy our test at scale, " said Dr. Henry Ji, chairman and CEO of Sorrento Therapeutics.

Price Action: Sorrento Therapeutics has traded as high as $19.39 and as low as $3.82 over a 52-week period.

At last check Wednesday, the stock was up 7.72% in premarket trading at $8.23.