Shares of Sorrento Therapeutics (NASDAQ:SRNE) climbed 15.6% on Monday, after the biopharmaceutical company released encouraging data from its phase 1b study of its COVID-19 treatment candidate, COVI-MSC.
COVI-MSC is a stem cell therapy intended for patients with COVID-19-induced acute respiratory distress. Sorrento said on Jan. 26 that the first three people who received COVI-MSC were discharged from the hospital within a week.
On Sunday, the biotech said a fourth patient, who had required mechanical ventilation because of deteriorating respiratory function, saw his condition quickly improve and was able to be discharged from the hospital the evening after his third infusion of COVI-MSC.
Better still, no adverse safety events were reported during the study.
"It brings us great joy each time one of our treatments helps to save a life, after all, that is what we at Sorrento work toward each and every day to save one life at a time," Sorrento CEO Dr. Henry Ji said in a press release.
Analysts have praised Sorrento's pipeline of diagnostic tests and therapies that, if approved, could generate more than $2 billion in near-term sales, according to Alliance Global analyst James Molloy. Meanwhile, B. Riley Securities analyst Mayank Mamtani believes Sorrento's stock price could rise roughly 78% to $26, thanks to its diversified portfolio of projects.
"With three shots on goal -- therapeutic antibodies for a variety of diseases, including COVID-19; non-opioid pain therapies across multiple indications; and a very early stage immunotherapy effort -- SRNE is well-positioned for success," Mamtani said on Friday.