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Sorrento Reports Positive Results for COVISTIX COVID-19 Detection

Sorrento Therapeutics (SRNE) revealed impressive results from an independent real-world study by INMEGEN (The Institute of National Genomics Medicine, Mexico) for the detection of COVID-19 infections using COVISTIX antigen rapid tests.

Shares of the clinical-stage, antibody-centric biopharmaceutical company were up 3.6% in Monday’s pre-market session following the news. (See Sorrento stock charts on TipRanks)

The study was aimed at evaluating the performance and validity of the COVISTIX rapid antigen test for the detection of SARS-CoV-2 in an unselected population and making meaningful comparisons with the Panbio rapid antigen test.

For COVISTIX, sensitivity and specificity were 81% and 96.0%, respectively, while the sensitivity of the Panbio comparator test was 62% and specificity was 99.0%.

Markedly, higher COVISTIX sensitivity results imply fewer false-negative findings. The superior sensitivity of COVISTIX could result in better management of the spread of the COVID virus, especially with highly transmissible variants like the Delta variant.

Further, COVISTIX utilizes an initial shallow nasal sampling protocol followed by an optional nasopharyngeal sampling if required.

The stock has picked up a rating from one analyst in the past three months. Last month, H.C. Wainwright analyst Ram Selvaraju lowered the price target to $26 (215.2% upside potential) from $30 and maintained a Buy rating on the stock.

News Sentiment over the past seven days is Neutral, with 50% of the articles published being positive, compared to a 60% sector average.

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