Sorrento Therapeutics Inc. (NASDAQ:SRNE) Stock Comes Back Strongly: How Far Can it Go?
Sorrento Therapeutics Inc. (NASDAQ:SRNE) jumped 8.5% after announcing establishing a subsidiary in Mexico, Sorrento Therapeutics Mexico. The subsidiary will support the clinical development and enrolment of several COVID-19 related products the company will be developing and commercializing in Latin America and Mexico.
In addition, Sorrento Mexico will be responsible for all the company’s activities in Latin American markets. Already Sorrento Mexico has opened offices in Mexico City with Hector Sulaiman as CEO and Henry Ji as the chairman.
Already Sorrento’s subsidiary has been issued with written permission from COFEPRIS to import the first 25 million COVIO-STIX test units into Mexico. The COVI-STIX test unit contains a negative control and positive test and all the necessary testing components. The company has increased production as it seeks to fulfill subsequent orders. CEO Henry Ji said they are delighted to create Sorrento Mexico to help coordinate the development of the company’s COVOD-19 product portfolio in the region. So in the coming months, SRNE is a stock to watch.
Market Reaction:
On Wednesday, SRNE stock gained 8.40% at $9.03 with more than 9.23 million shares, compared to its average volume of 7.29 million shares. The stock has moved within a range of $8.33 – 9.17 after opening the trade at $8.42. Over the past 52-week, the stock has been trading within a range of $5.17 – 19.39.
