Sorrento Therapeutics skyrockets 244% after claiming a breakthrough on COVID-19 drug

• Shares of Sorrento Therapeutics spiked as much as 244% on Friday after the company claimed an antibody it's developing showed 100% inhibition of the COVID-19 virus in preclinical studies.
• The small biotechnology company said it aims to create an antibody cocktail that would act as a "protective shield" against coronavirus.
• Sorrento said full results of its antibody candidate will be submitted to a peer-reviewed publication shortly.
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Sorrento Therapeutics skyrocketed as much as 244% on Friday after the company claimed an antibody it's developing showed 100% inhibition of the COVID-19 virus in preclinical studies.

The small biotechnology company plans to "generate an antibody cocktail product that would act as a 'protective shield' against SARS-CoV-2 coronavirus."

Sorrento said it will ask regulators for priority evaluation and an accelerated review of its drug candidate.

The company hopes to receive government support and partner with a pharmaceutical company to scale up manufacturing of its coronavirus candidate, if proven successful.

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Despite the positive data claims from the company, the antibody has yet to be submitted to a peer-reviewed publication, according to Sorrento.

Sorrento's market value surged from $549 million at yesterday's close to roughly $1.9 billion at Friday's intraday highs.