Advances in treatments to combat coronavirus lead to dramatic increases, and twice as high, on Wall Street. Investors are raising expectations of the success of the “protective shield” of Sorrento Therapeutics and the vaccine that Moderna developing. The two companies respond with new vertigo increases.
The race to lead the development of effective treatments to combat the coronavirus brings moments of glory in the financial markets to small companies such as the American biopharmaceutical Sorrento Therapeutics.
The San Diego-based company rose to the forefront of the day by scoring increases of up to 240% in last Friday’s session on Wall Street. Finally, at the end of the day, the rally reached 158%.
Investors launched into a rampant take on stocks, in the hope that Sorrento Therapeutics’ high expectations of its coronavirus therapy will confirm its success in the coming months.
The biopharmaceutical company announced a therapy based on antibodies called STI-1499 capable of “100% inhibiting” the effects of the coronavirus in healthy cells after four days of incubation.
In the absence of further trials, the company believes that the therapy could be used as a “protective shield” against the coronavirus, thanks to its ability to protect from infection for up to two months.
In addition to the potential of the therapy to grant immunity to people not infected but with exposure to the virus, such as healthcare personnel, Sorrento Therapeutics points to its possible use also as therapy for people already infected.
The encouraging results of its tests will lead the company to start clinical trials with people in the coming months.
Investors, after assimilating these developments throughout the weekend, keep their buying fever at Sorrento Therapeutics. In today’s pre-opening on Wall Street. Its shares score additional 50% gains in futures, which would add to 158% appreciation on Friday.
As a result of this rally on Friday, the market capitalization of biopharmaceuticals shot up to $ 1.42 billion.
Moderna shoots up with her vaccine
Sorrento Therapeutics is not the only spectacular rise registered by Wall Street today related to pharmaceutical advances against the coronavirus.
The session expands on the rally of another American company noted in recent weeks for its progress in fighting Covid-19. Moderna shoots an additional 30% on Wall Street futures.
The company said today that its experimental coronavirus vaccine, mRNA-1273, generates antibodies that could “neutralize” the spread, according to preliminary results of its clinical trials.
The results of research conducted by the National Institutes of Health reflect that the vaccine produces levels of antibodies similar to those of patients recovered from Covid-19.
In less than three months, since the end of February, thanks to advances in its research against the coronavirus, Moderna’s actions accumulate a rally of up to 375%, an escalation that has shot its capitalization to around 25,000 million dollars at the close on last Friday.