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
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| 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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