Sorrento Therapeutics, Inc.
|Company Name||Sorrento Therapeutics, Inc.|
On May 15, 2020, the Company announced that it had discovered an antibody which “demonstrated 100% inhibition of SARS-CoV-2 virus infection” and which Sorrento’s CEO called a “cure.”
On this news, Sorrento’s share price rose more than 280%.
Then, on May 20, 2020, Hindenburg Research calling the Company’s claims “too good to be true.” In a report citing former Sorrento employees, Hindenburg Research alleged that it was “too early” to tell whether the Company had found a cure and that "Sorrento's actions are manipulative at the worst possible time and simply amount to an attempt to shamelessly profiteer off the pandemic."
On this new, the Company’s share price fell $0.67 per share, or over 11%, to close at $5.03 per share on May 21, 2020.
Then, on May 22, 2020, BioSpace published an article in which Sorrento’s CEO “insist[ed] that [he] did not say it was a cure.”
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