Initial testing of biopharmaceutical company Sorrento Therapeutics, Inc.’s (NASDAQ:SRNE) COVID-19 Virus Rapid Antigen Detection Test, COVISTIX, showed that it can detect the Omicron variant.
The test has already demonstrated its ability to detect the original SARS-CoV-2 virus and its other strains like the delta and delta-plus. The detection levels of COVISTIX are similar for all variants.
A study by Sorrento has shown that, compared to other commercially available tests, COVISTIX can detect the latest COVID-19 variant even at a significantly lower Omicron N protein level.
Meanwhile, the California-based company currently has a monthly production capacity of 30 million COVISTIX tests in the U.S. and is working towards boosting it.
Sorrento expects to begin operations of a fully-automated assembly line by the first quarter of next year. This line will have a manufacturing capacity of 6 million COVISTIX tests per month, which can be increased to more than 100 million in 2022.
Additionally, the company’s Mexican subsidiary has signed a second contract with a distributor for the sale of up to 10 million COVISTIX tests. The first contract was for the distribution of up to 5 million tests.
About Sorrento Therapeutics
Sorrento is a clinical and commercial-stage biopharmaceutical company that develops therapies for the treatment of cancer, pain, autoimmune disease and COVID-19.
SRNE stock closed 2.8% down on Monday. It lost another 0.5% in the extended trading session to end the day at $5.54.
Overall, the stock has a Moderate Buy consensus rating based on 2 Buys. The average SRNE price target of $22.50 implies 304% upside potential. Shares have lost 42.6% over the past six months.
Blogger Opinions
TipRanks data shows that financial blogger opinions are 87% Bullish on Sorrento, compared to the sector average of 69%.
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