Stock Alert: Sorrento Therapeutics Up 14%

(RTTNews) - Shares of Sorrento Therapeutics, Inc. (SRNE) gained nearly 14% on Wednesday morning after the company reported positive results from an ongoing study for treatment of patients suffering from COVID-19-induced respiratory problems.

SRNE is currently trading at $11.87, up $1.45 or 13.92%, on the Nasdaq.

Sorrento Therapeutics announced positive results from ongoing phase 1b study of human allogeneic adipose-derived mesenchymal stem cells, COVI-MSC, for patients suffering from COVID-19-induced acute respiratory distress (ARD) or acute respiratory distress syndrome (ARDS).

The company said that the first three patients enrolled tolerated treatment well and improved rapidly. Each of the three patients was discharged from the hospital within a week of starting the patient's COVI-MSC infusions and two patients were discharged on the day of their last infusion.