Sorrento Therapeutics (NASDAQ:SRNE) announced that the COVI-STIX COVID-19 rapid diagnostic test had been granted an Emergency Use Authorization and a Mexican government import license. The stock gained 10.6% on this news.The company also announced plans to set up a subsidiary to commercialize the test and other expected COVID-19 products in Mexico.
Early this month, Sorrento has indicated that the Mexican government had granted it a EUA for COVI-STIX. At the time, the company indicated that it was making plans for the commercial launch of COVI-STIX diagnostic tests in Mexico. Although the stock rose on this old news, it is vital to highlight that the company’s commitment to succeed in Mexico following the establishment of Sorrento Mexico Ltd.
The biotech company expects to make the first COVI-STIX shipment to Mexico next month. More news could be on the way as Sorrento expects to report results of its two Phase 2 trials studying abivertinib in hospitalized COVID-19 patients at the end of Q3 2021. In the coming months, SRNE is a stock to watch.
Market Reaction:
On Thursday, SRNE stock went up 10.62% to $10 with more than 14.62 million shares, compared to its average volume of 7.14 million shares. The stock has moved within a range of $8.93 – 10.11 after opening the trade at $9.08. Over the past 52-week, the stock has been trading within a range of $5.17 – 19.39.
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