Sorrento Therapeutics Inc (NASDAQ: SRNE) is having an incredibly strong start to the trading session this morning after announcing news with regard to a new discovery. Of course, the news was positive, sending the stock on a run for the top. Today, we’ll talk about:
- The discovery news;
- what we’re seeing from SRNE stock as a result; and
- what we’ll be watching for ahead.
SRNE Announces New Discovery News
As mentioned above, Sorrento Therapeutics is having a great start to the trading session this morning after the company announced positive news with regard to a new discovery. The news came via press release early this morning.
In the release, the company announced positive and better than initially hoped for top line results in a discovery study. In the study, SRNE was exploring the potential benefits of resinferatoxin in controlling neuro-inflammatory processes associated with Parkinson’s disease. The positive results were seen in a rodent model of the ailment.
Parkinson’s disease is incredibly hard to treat. Moreover, research into the drug development for these problems remain relatively scarce. In a statement, Dr. Alexis Nahama, the Neuro-Therapeutics Business Unit Leader at SRNE, had the following to offer:
We believe from our experience in animal health, that many chronic degenerative disease processes, including neurodegenerative diseases, have an inflammatory component whose importance is often under appreciated.
We also know that neurogenic inflammation pathways involve TRPV1 expressing cells, and Resiniferatoxin is uniquely suited to modulate excessive afferent nerve signaling. So we took a chance and set-up to test if we would have any beneficial effect on gait and motor deficiences in a well established disease model of Parkinson’s disease (Sorrento Study C195118. The Effects of Single Intrathecal Administration of Resiniferatoxin on AAV-A53T-induced PD-like Pathology in C57Bl/6J mice) at tested doses that could be translated into human therapies. We feel we hit the jackpot.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. When it comes to Sorrento Therapeutics, the news proved to be overwhelmingly positive.
With the positive results at the pre-clinical stage, the company may be actually be working on an effective treatment option for Parkinson’s disease patients. So, it’s not surprising to see that excited investors are pushing the stock for the top.
As is just about always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:29), SRNE is trading at $4.43 per share after a gain of $0.34 per share or 8.31% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on SRNE. In particular, we’re interested in following the story surrounding the company’s continued work to expand its pipeline and bring various products within its pipeline to market. Nonetheless, we’ll keep a close eye on the story and bring the news to you as it breaks!
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