Why Sorrento Therapeutics Stock Surged Today

Shares of Sorrento Therapeutics (NASDAQ: SRNE) jumped 20% on Monday after the biopharmaceutical company said regulators greenlighted a clinical trial for Abivertinib, a novel small molecule tyrosine kinase inhibitor.  

On May 21, 2020, Sorrento reached an exclusive license agreement with ACEA Therapeutics for Abivertinib "across all indications for all territories outside of China."

Today, the Food and Drug Administration cleared Sorrento to begin a Phase 2 trial of Abivertinib in COVID-19 patients with moderate to severe lung-related symptoms.

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Source Fool.com