By Christiana Sciaudone
Investing.com -- Attempts to tackle Covid-19 are making stocks whizz up and down.
Sorrento Therapeutics (NASDAQ:SRNE) jumped more than 21% after the Food and Drug Administration said it can proceed with a clinical trial evaluating a Covid-19 antibody test. Shares are still down 46% from Aug. 10.
The Phase 1 clinical trial for STI-1499, or COVI-GUARD, in hospitalized Covid-19 patients may proceed with patient enrollment. The initial trial is expected to enroll rapidly and to be followed by large trials targeting a potential Emergency Use Authorization submission as early as before the end of this year. Sorrento has initiated cGMP manufacturing to produce 50,000 doses in anticipation of a potential authorization.
On the other end of the race to deal with Covid-19, Inovio Pharmaceuticals (NASDAQ:INO) dropped more than 10% after getting smacked down by Roth Capital. Inovio is working on a Covid-19 vaccine, INO-4800.
The vaccine candidate "has virtually no chance" of winning out among the numerous competitors," Seeking Alpha reported analyst Jonathan Aschoff as saying. He reaffirmed his sell rating and $11 price target.
Shares had doubled over the past week as the head of company discussed the progress of the vaccine trial. They are currently trading around $16.16.