Why Sorrento Therapeutics Stock Jumped Today

Shares of Sorrento Therapeutics (NASDAQ: SRNE) rose on Friday, furthering the biopharmaceutical company's gains since it disclosed a licensing deal for an innovative new COVID-19 test. By the close of trading, Sorrento's stock was up 4.3% after rising as much as 23.3% earlier in the day.

Sorrento announced on Wednesday that it signed a licensing agreement with Columbia University for the rights to a rapid diagnostic test that detects the SARS-CoV-2 virus in as little as 30 minutes. Unlike other tests that require uncomfortable nasal swabs, the new test uses easier to obtain saliva samples. 

Sorrento Therapeutics' new COVID-19 test helped to drive its stock higher in recent days. Image source: Getty Images.

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Source Fool.com