shares were headed higher Thursday following an announcement concerning its antibody test kit for SARS-CoV-2, the virus that causes COVID-19.” data-reactid=”19″>Sorrento Therapeutics Inc (NASDAQ: SRNE) shares were headed higher Thursday following an announcement concerning its antibody test kit for SARS-CoV-2, the virus that causes COVID-19.
The antibody test is capable of yielding results in 8 minutes or less, according to the company. The test confirms the assay validity by developing three clear lines.
Upon validation testing, the test demonstrated a specificity greater than 97% and diagnostic sensitivity of greater than 94%, Sorrento said.
COVI-TRACK appears to have highly competitive attributes, H.C. Wainwright analyst Raghuram Selvaraju said in a note, citing rapid generation of results and readily interpretable results. The test also has performance metrics above the thresholds set by the FDA, the analyst said.
Latest Ratings for SRNE
|May 2020||Dawson James||Initiates Coverage On||Buy|
|Mar 2020||H.C. Wainwright||Reiterates||Buy|
|Oct 2019||JMP Securities||Initiates Coverage On||Market Outperform|
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