So Sorrento test is much bette

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且听风吟云起
2020-08-18

So Sorrento test is much better

Sorrento Therapeutics May Bring Best In Class COVID-19 Tests

COVID testing is essential for helping to reopen the economy, schools, sports, etc. Accurate, rapid, convenient, and affordable testing is needed.Sorrento acquired the license to a COVID test developed by researchers at Columbia University. This test checks all the boxes to be one of the Best In Class COVID tests.This test is called COVI-TRACE and is expected to be submitted to the FDA for Emergency Use Authorization (EUA) approval in the very near future.Another key catalyst pending is the FDA's EUA approval of a separate COVID test for antibodies, called COVI-TRACK. These dual catalysts are likely to drive the price of Sorrento shares higher.Other important catalysts for Sorrento exist that are both COVID-related and non-COVID related.

Sorrento Therapeutics May Bring Best In Class COVID-19 Tests

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This test checks all the boxes to be one of the Best In Class COVID tests.This test is called COVI-TRACE and is expected to be submitted to the FDA for Emergency Use Authorization (EUA) approval in the very near future.Another key catalyst pending is the FDA's EUA approval of a separate COVID test for antibodies, called COVI-TRACK. These dual catalysts are likely to drive the price of Sorrento shares higher.Other important catalysts for Sorrento exist that are both COVID-related and non-COVID related.","content":"<html><body><div><div><div><div>Summary</div><div><p>COVID testing is essential for helping to reopen the economy, schools, sports, etc. Accurate, rapid, convenient, and affordable testing is needed.</p><p>Sorrento acquired the license to a COVID test developed by researchers at Columbia University. This test checks all the boxes to be one of the Best In Class COVID tests.</p><p>This test is called COVI-TRACE and is expected to be submitted to the FDA for Emergency Use Authorization (EUA) approval in the very near future.</p><p>Another key catalyst pending is the FDA's EUA approval of a separate COVID test for antibodies, called COVI-TRACK. These dual catalysts are likely to drive the price of Sorrento shares higher.</p><p>Other important catalysts for Sorrento exist that are both COVID-related and non-COVID related.</p></div></div></div><div><p><img height=\"457\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2020/8/17/44814766-15976761450436738.png\" width=\"640\"/>San Diego based<strong> Sorrento Therapeutics (SRNE)</strong> is a clinical stage and commercial biopharma company. The Company operates through two segments: Sorrento Therapeutics and Scilex. The Sorrento Therapeutics segment is organized around its Immune-Oncology therapeutic area, leveraging its G-MAB antibody library and targeted delivery modalities to generate the next generation of cancer therapeutics. These modalities include chimeric antigen receptor T-cell therapy (CAR-T), dimeric antigen receptor T-cell therapy (DAR-T), antibody-drug conjugates (ADC), as well as bispecific antibody approaches. Additionally, Sorrento Therapeutics segment also includes Sofusa, a drug delivery technology that delivers biologics directly into the lymphatic system to potentially achieve improved efficacy and fewer adverse effects than standard parenteral immunotherapy. The Scilex segment is organized around its non-opioid pain management operations. </p> <p>Here is a link to Sorrento's most recent 10Q. The screenshot below is excerpted from the consolidated balance sheets:</p>\n<div></div> <p><img height=\"259\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2020/8/17/44814766-15977199176100564.png\" width=\"640\"/>Notably, Sorrento pre-paid early $120M in long term debt in Q2 2020. This type of deleveraging may be considered somewhat rare for a biotech. Early pre-payment of debt may be viewed as a corporate action by a company that is preparing for some type of M&amp;A activity. A deleveraged balance sheet is more attractive to a potential partner. Sorrento rejected a $1B buyout offer at $7 per share in January.</p> <p>Sorrento shares closed above $12 on 8/17/20. The high price target on the street has recently been raised by HC Wainwright from $24 to $30 per share for Sorrento. Veteran market traders acknowledge that biotech stocks can be very volatile and carry an extreme risk/reward ratio for traders. These stocks are generally for aggressive traders only who can sustain the loss of their capital. The use of risk management techniques, such as stop losses and appropriate size of position, are strongly encouraged. Trading in volatile biotech stocks like Sorrento is suitable only for those who have a high risk tolerance.</p> <p><img height=\"162\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2020/8/17/44814766-15977205544834197.png\" width=\"640\"/>The company has access to about $500M remaining in the $1B ATM facility. Existing products in the company's diverse pipeline have significant potential to generate revenues in the near term.</p> <p><img height=\"386\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2020/8/17/44814766-1597719619036312.png\" width=\"640\"/>The following discussion of two key COVID testing products being developed by Sorrento may be material to the company's financials in the coming quarters. These two COVID diagnostic products have the potential to generate significant revenue for Sorrento, and perhaps drive the price of Sorrento shares higher on the stock chart.</p>\n<div></div> <p>Sorrento Therapeutics may be emerging as one of the leaders in the important COVID-19 testing space. Accurate, rapid, convenient, and affordable COVID testing is needed to reopen national economies around the globe. Sorrento's two COVID tests, COVI-TRACK and COVI-TRACE are both in the process of being brought to market.</p> <ul><li>COVI-TRACK is pending FDA approval for EUA any day. This 8-minute rapid test is for antibodies to determine if someone has previously had the virus and recovered. The announcement of this EUA may be a catalyst for shares of Sorrento to trade higher in the near term. Indications are that manufacturing of COVI-TRACK inventory has been ongoing so that pending orders can be filled quickly after the EUA is announced. Monetization of this testing product may occur quickly. Any announcements of existing orders for COVI-TRACK will also likely contribute to a move higher in Sorrento's stock price.</li></ul> <p><img height=\"286\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2020/8/17/44814766-15976820347124536.png\" width=\"640\"/></p> <ul><li> COVI-TRACE has recently been acquired from researchers at Columbia University. This event recently contributed to Sorrento's price spike up to $20, as shown on the daily chart above. This saliva-based, rapid, 30-minute test determines if someone is currently infected with the COVID virus. For several reasons discussed in this article, COVI-TRACE may be the Best In Class product in the COVID testing space.</li></ul> <p><img height=\"387\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2020/8/17/44814766-1597680621839279.png\" width=\"640\"/></p> <p>The nasal swab testing method for COVID is uncomfortable and unpopular with consumers. Saliva is becoming the new medium for testing as it is convenient and simple. Competing saliva-based test products from other companies exist and some are coming to market ahead of Sorrento's COVI-TRACE entry. However, these other competing products may lack the key advantages required to make them viable competitors for Sorrento's COVI-TRACE in the marketplace. The newer saliva-based tests are the much-needed evolution of the COVID testing space beyond the previous nasal swab tests. Not all of these tests are created equal and there will be winners and losers in the space.</p>\n<div></div> <p>On 8/15/20 the FDA issued EUA approval for a saliva-based, COVID test developed at Yale's School of Public Health. Yale's test is called Saliva-Direct and it is a positive step forward in the evolution of the testing space. Sorrento's COVI-TRACE holds several key advantages over the Yale test, and other competing saliva-based tests. These key advantages may make the Sorrento-Columbia test the Best In Class product as it comes to market soon. The advancement of COVI-TRACE in the FDA process towards an anticipated EUA could be a catalyst for Sorrento's stock to trade higher. Submission of COVI-TRACE to the FDA for EUA approval is anticipated any day now.</p> <p>It is hoped that the FDA will grant the request for COVI-TRACE's EUA approval quickly. The need for rapid, accurate, affordable, and convenient testing is desperately needed in the U.S and globally. If this FDA EUA for COVI-TRACE is approved, then Sorrento shares could experience another leg higher on the stock chart. These are important catalysts that traders may want to focus in on the timeline for these announcements. The submission of a request for a COVI-TRACE EUA is pending any day now. The possible approval of Sorrento's EUA request from the FDA is unknown at this time.</p> <p>Notably, the COVID testing space is not likely to be a \"one-winner takes all\" competition. Literally billions of COVID tests will be needed by the world's population in the coming months and years. It is possible that people could take several tests weekly to meet the standards required for reopening economies, schools, sports, etc. Meeting this demand for testing will require the combined efforts of many companies who will all likely take a share of the marketplace for this important work. Sorrento's COVI-TRACE may be one of the tests in high demand by consumers.</p> <p>Significantly, Sorrento's exclusive licensing agreement with Columbia University enables this test to be modified and applied for diagnostics on other illnesses, such as the common flu. This testing platform may achieve multiple-case use functionality.</p>\n<div></div> <p>A discussion on the advantages of the Sorrento-Columbia test over the highly publicized Yale test may help to achieve some level of clarity. The Yale SalivaDirect test fail's to deliver all of the key advantages delivered by Sorrento's COVI-TRACE. Here is a breakdown of several key points in a comparison of the two tests:</p> <p><strong>Cost:</strong> SalivaDirect is estimated to cost $20. However, the Yale test also requires shipment to a lab for processing. Overnight shipping costs to the lab can cost $25 to $40. In addition to shipping costs, the lab costs associated with the Yale test could be much higher than the overly-optimistic researchers at Yale have stated. These researchers are great in the lab, but perhaps new to the business world. Those who know the diagnostics industry understand that it is difficult to get in the door for less than $80, including for COVID testing. Labs have employees to pay and overhead expenses to meet. Labs also have legal liability. These lab costs must be covered by the charges to customers. COVID testing is no different. So let's dismiss the notion that the Yale test will be inexpensive. The total end cost to the consumer is what matters here, which includes shipping. The total cost of the Yale test, SalivaDirect, may be 5X - 10X more expensive to the consumer as compared to the Sorrento test.</p> <p>Sorrento Therapeutics CEO Henry Ji has stated that the Sorrento-Columbia test, COVI-TRACE, might cost only $10. The Sorrento test is an on-site test that does not require a lab. This means no shipping costs, or lab costs, for the COVI-TRACE test. The advantage of not requiring a lab for COVID testing is a game-changer. The need to be shipped off to a lab is part of the problem with current testing and has caused labs nationally to be overwhelmed. The Sorrento COVI-TRACE test is much cheaper than the Yale test because there are no shipping and/or lab costs for the Sorrento test. These shipping and lab costs are required for the Yale test.</p> <p><strong>ADVANTAGE ON COST GOES TO SORRENTO.</strong></p>\n<div></div> <p>CNN's Sanjay Gupta may be referring to Sorrento's </p> <p><strong>Rapid Testing Speed:</strong> The testing space is evolving rapidly. Sending any testing samples off to a lab may soon become a deal-breaker because the time delay makes the test results almost useless. The role of labs in COVID testing is likely to diminish in the near future by necessity. A COVID testing result that is several days old is not much use in containing the spread of the virus. On-site, rapid testing results are soon to become the new gold standard for COVID testing. Sorrento's COVI-TRACE meets this qualification for gold standard testing as an on-site, rapid test that can be completed in just 30-minutes. Yale's SalivaDirect test does not meet this higher standard as it must be sent off to a lab for processing. Even if the Yale test were to be taken within a lab, the time required for test completion is still 3 hours.</p> <p>In this brief clip posted on <a href=\"https://laohu8.com/S/TWTR\">Twitter</a>, CNN's Sanjay Gupta may be referring to Sorrento's \"point of care test\" that does not have to be sent to a lab.</p> <p><strong>ADVANTAGE OF NO LAB TESTING REQUIRED GOES TO SORRENTO.</strong> <strong>ADVANTAGE OF 30-MINUTE TESTING VS 3-HOUR TESTING GOES TO SORRENTO.</strong></p> <p><strong>Testing Accuracy:</strong> Sorrento's COVI-TRACE test delivers the highest level of both sensitivity and specificity measuring 97% and 100% respectively. Yale's testing capabilities may be much lower. It should be a concern that the Yale researchers have not been forthcoming with publishing their numbers on specificity and sensitivity. Yale has been marketing their test as cheap, but avoiding the crucial information of accuracy. In fact, the total cost to the consumer for the Yale test is not cheap, as discussed above in this article. This mis-leading information on cost is another concern. The primary concern is to learn why Yale has been hiding the accuracy numbers for its SalivaDirect product. As of this writing, multiple searches have not turned up this crucial information. I would ask that readers please post this information in the comments section, if it can be found. I will be happy to update this article.</p>\n<div></div> <p>Not having easily accessible information provided on the Yale test's accuracy is a major red flag. Consumers do not need another instance of a disappointing COVID test on the heels of prior disappointments from other major companies earlier in this pandemic's timeline. Yale must immediately publish their information with complete clarity regarding accuracy for their SalivaDirect test with their exact findings. We have noted a spiffy marketing campaign that highlights a relationship with the NBA, and promotes the cheap cost of their test (inaccurate). This initial product launch of SalivaDirect seems to intentionally avoid the essential information regarding testing accuracy. Americans and the world require affordable testing that is highly accurate in determining COVID infection. This is essential for any test to be considered useful. Any test that is not accurate could actually be worse than no test at all.</p> <p>In a welcome contrast to Yale's SalivaDirect, Sorrento's COVI-TRACE test has been professionally forthcoming with its accuracy results. Sorrento has published on its website, and in press releases, the excellent results achieved by Columbia University researchers for their test. COVI-TRACE has achieved the highest levels of accuracy in early test. Yale's test has not published these numbers, why not? The entire world demands that an important Covid test be affordable and highly accurate. In stark contrast, the Sorrento-Columbia researchers have clearly stated that 97% sensitivity and 100% specificity are the capabilities of their rapid, saliva-based test.</p> <p><strong>ADVANTAGE OF TESTING ACCURACY GOES TO SORRENTO.</strong><img height=\"416\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2020/8/17/44814766-159769039950723.png\" width=\"640\"/><strong>Summary</strong></p> <p>Clearly, Sorrento's COVI-TRACE owns several crucial advantages over Yale's SalivaDirect test. It is possible that COVI-TRACE may become the gold standard for the literally billions of essential Covid tests that may need to be taken in the months and years ahead around the world. Only the Sorrento-Columbia COVI-TRACE checks all the boxes here for:</p>\n<div></div> <ul> <li>Saliva-based testing;</li> <li>Affordable testing;</li> <li>Rapid, 30-minute, point of care testing, without any lab necessary;</li> <li>Highly accurate testing.</li> </ul> <p>The Sorrento-Columbia COVI-TRACE product currently appears to be a front-runner that may be acknowledged as a \"Best In Class\" COVID test.</p> <p>The FDA is in desperate need for high quality, next-generation testing like COVI-TRACE to be given an EUA so that the national nightmare of overwhelmed testing labs can be alleviated. We are days away from the start of flu season, the nation is struggling to reopen local economies, schools and colleges are struggling to reopen, and even sports leagues are tentative about the upcoming seasons. The nation is in great need for better COVID testing products. COVI-TRACE may become one of the leading products to meet the national and global demand for COVID testing. Revenue estimates for a successful and leading product like COVI-TRACE would be difficult to ascertain at this date. Suffice to say that revenues could be significant and meaningful for a small biotech firm like Sorrento. The stock may trade higher on the type of revenues that can be achieved from Sorrento's emergence as a leader in the COVID testing space.</p> <p>The technology that has been licensed from Columbia University can also be used for diagnostics on other diseases, such as the common flu.</p> <p>COVI-TRACK will be a separate testing product from COVI-TRACE that is likely to become a leader in its space also. As a rapid, 8-minute test for the existence of antibodies to COVID, COVI-TRACK will likely receive high demand. Sorrento currently has more than these two dual catalysts pending in the near term. These two different types of COVID testing products, COVI-TRACK and COVI-TRACE represent the potential to drive Sorrento shares much higher in the days ahead. An FDA EUA approval for COVI-TRACK appears imminent. The company has reportedly been manufacturing COVI-TRACK testing kits \"at-risk\" in anticipation of a positive response from the FDA. It is possible that Sorrento may begin monetizing the COVI-TRACK product almost immediately upon receiving the FDA EUA approval. This is the kind of action that the market likes and it would be likely to reflect in the stock price of Sorrento shares.</p>\n<div></div> <p>Having two major catalysts, or binary events, occurring at the same time for a smaller biotech stock is a rare and special event for stock traders. Sorrento's submission of COVI-TRACE to the FDA for EUA approval may occur in the same time frame as COVI-TRACK receives its EUA approval. This is likely to be a powerful combination of events that traders can certainly appreciate for what is currently only a $12 stock. Importantly, each of these two testing kits will deliver continuing catalysts if they advance past the FDA and begin to generate revenues in the marketplace. The potential exists for these high profile testing protects to attract the attention of government and big pharma to the rest of Sorrento's COVID pipeline, which is advancing nicely.</p> <p>Sorrento's ongoing work with the highly respected New York Mount Sinai Hospital has been underway with researchers on a key COVID treatment. This is another potentially significant catalyst for the price of Sorrento shares that could be highly impactful.</p> <p>Multiple other positive catalysts exist for Sorrento, some of which are COVID-related, while others are non-COVID-related. </p> <p>Sorrento is a 25% owner of Celularity, a clinical stage biotech that is advancing its own pipeline of cellular medicine products, including COVID-related products.</p> <p><img height=\"350\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2020/8/17/44814766-1597692251088661.png\" width=\"640\"/><img height=\"344\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2020/8/17/44814766-15976923160053172.png\" width=\"640\"/>The following informal, \"Boom Calendar,\" has been compiled by @bioboom and his due diligence team on Twitter to delineate pending catalysts for this stock. The listing of pending catalysts in this possible schedule of events is helpful in communicating the amount of activity that is currently underway at Sorrento. There are no guarantees for the timing of any of the catalysts mentioned, or if the catalysts will even occur. However, traders deserve to know the potential for upcoming events that may impact the price of this stock. Therefore, the following graphic is very useful, albeit speculative:</p>\n<div></div> <p><img height=\"546\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2020/8/17/44814766-1597691431553438.png\" width=\"640\"/><strong>Conclusion</strong></p> <p>Sorrento is an excellent trading stock. Members of our Trader's Idea Flow community in the Seeking Alpha marketplace have been experiencing success with this trade since we began coverage of Sorrento in May 2020. I am currently long shares of Sorrento after having sold recently above $20. The $7 run up to $21 during a recent two-week period was very profitable for members of our community. I believe that Sorrento will again trade to $20, and higher, in the near term.</p> <p><img height=\"53\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2020/8/17/44814766-15976933061441805.png\" width=\"640\"/></p>\n<span></span><span marketing_unit=\"default\"><p>Members of our Trader's Idea Flow community always receive our trading ideas and updates first. Traders know that timing is everything. Receiving information early and being prepared ahead of the competition is valuable. Please feel welcome to free trial our marketplace service, Trader's Idea Flow. Just one successful trading idea can cover the cost for many years of the very affordable subscription price.</p>\n<p><img loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2018/11/5/44814766-15413943623876147.png\"/></p></span><p><b>Disclosure:</b> <span>I am/we are long SRNE.</span> <span>I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.</span></p>\n<div></div></div><div><div></div><span><svg height=\"16\" viewbox=\"5.799999713897705 7.799999237060547 20.30000114440918 16.39999771118164\" width=\"16\"><path d=\"M26.1 9.7c-.7.3-1.5.6-2.4.7.9-.5 1.5-1.3 1.8-2.3-.8.5-1.7.8-2.6 1-.8-.8-1.8-1.3-3-1.3-2.3 0-4.1 1.9-4.1 4.1 0 .3 0 .6.1.9-3.4-.2-6.5-1.8-8.5-4.3-.4.7-.7 1.4-.7 2.1 0 1.4.7 2.7 1.8 3.4-.7 0-1.3-.2-1.9-.5v.1c0 2 1.4 3.7 3.3 4.1-.3.1-.7.1-1.1.1-.3 0-.5 0-.8-.1.5 1.6 2.1 2.8 3.9 2.9-1.4 1.1-3.2 1.8-5.1 1.8-.3 0-.7 0-1-.1 1.8 1.2 4 1.9 6.4 1.9 7.6 0 11.8-6.3 11.8-11.8v-.5c.8-.6 1.5-1.3 2.1-2.2zm0 0\" fill=\"#FFFFFF\"></path></svg><svg height=\"18\" viewbox=\"11.000001907348633 6.799999713897705 9.999998092651367 18.600000381469727\" width=\"10\"><path d=\"M20.6 6.8h-2.4c-2.7 0-4.4 1.8-4.4 4.6v2.1h-2.4c-.2 0-.4.2-.4.4v3c0 .2.2.4.4.4h2.4V25c0 .2.2.4.4.4h3.1c.2 0 .4-.2.4-.4v-7.7h2.8c.2 0 .4-.2.4-.4v-3c0-.1 0-.2-.1-.3-.1-.1-.2-.1-.3-.1h-2.8v-1.8c0-.9.2-1.3 1.3-1.3h1.6c.2 0 .4-.2.4-.4V7.1c0-.2-.2-.3-.4-.3zm0 0\" fill=\"#FFFFFF\"></path></svg><svg height=\"16\" viewbox=\"6.200000286102295 6.699999809265137 19.5 18.700000762939453\" width=\"14\"><path d=\"M25.7 18.2v7.2h-4.2v-6.7c0-1.7-.6-2.8-2.1-2.8-1.2 0-1.8.8-2.1 1.5-.1.3-.1.6-.1 1v7H13s.1-11.4 0-12.6h4.2v1.8c.6-.9 1.5-2.1 3.8-2.1 2.7 0 4.7 1.8 4.7 5.7zM8.6 6.7c-1.4 0-2.4.9-2.4 2.2 0 1.2.9 2.2 2.3 2.2 1.5 0 2.4-1 2.4-2.2 0-1.2-.8-2.2-2.3-2.2zM6.5 25.4h4.2V12.8H6.5v12.6zm0 0\" fill=\"#FFFFFF\"></path></svg><svg height=\"14\" viewbox=\"4.5 6.499999523162842 22.900001525878906 18.999998092651367\" width=\"18\"><path d=\"M20.9 16.9c.1.2.1.3.1.5 0 .3-.1.6-.3.9-.2.2-.4.4-.7.5-.1 0-.3.1-.4.1-.3 0-.7-.1-.9-.3-.3-.2-.5-.5-.5-.8v-.3c0-.3.1-.6.3-.8.2-.2.4-.4.7-.5.2-.1.3-.1.5-.1.3 0 .6.1.8.3.1 0 .3.2.4.5zm-.9 3.7c-.1-.1-.3-.1-.4-.1-.1 0-.2 0-.3.1-1 .6-2.2.9-3.4.9-.9 0-1.8-.2-2.6-.6-.1 0-.3-.2-.4-.3-.1 0-.2-.1-.2-.1-.1 0-.2-.1-.3-.1-.1 0-.2 0-.3.1-.1.1-.2.1-.3.3-.1.1-.1.3-.1.4 0 .1 0 .2.1.4.1.1.1.2.3.3 1.1.8 2.5 1.1 3.8 1.1 1.2 0 2.4-.3 3.5-.8.1-.1.3-.2.5-.3.1-.1.2-.1.3-.2.1-.1.1-.2.2-.3v-.2c0-.1 0-.2-.1-.3l-.3-.3zm-8-1.9c.2.1.3.1.5.1.4 0 .7-.2 1-.4.3-.2.5-.6.5-1v-.1c0-.4-.2-.7-.5-1-.3-.2-.6-.4-1-.4h-.3c-.5.1-.9.5-1.1 1 0 .1-.1.3-.1.4 0 .3.1.6.3.9.2.3.4.4.7.5zm15.4-3.6v.2c0 .6-.2 1.1-.5 1.5-.3.4-.7.8-1.1 1v.7c0 1.2-.4 2.4-1.1 3.3-1.3 1.8-3.4 2.8-5.4 3.3-1.1.3-2.2.4-3.4.4-1.7 0-3.4-.3-4.9-.9-1.6-.7-3.2-1.7-4.1-3.3-.5-.8-.8-1.8-.8-2.8v-.7c-.4-.2-.8-.6-1.1-1-.3-.4-.5-1-.5-1.5 0-.8.3-1.5.8-2s1.2-.9 2-.9h.2c.4 0 .8.1 1.1.2.3.1.6.3.9.5.1 0 .2-.1.3-.1 1.7-1 3.6-1.4 5.4-1.5 0-.9.1-1.9.6-2.7.4-.7 1-1.3 1.8-1.4.3-.1.6-.1.9-.1.8 0 1.6.2 2.3.5.3-.5.8-.9 1.3-1.1.3-.1.7-.2 1-.2.4 0 .7.1 1.1.2.5.2.9.5 1.2 1 .4.4.6.9.6 1.5v.3c-.1.7-.4 1.3-.9 1.7-.5.4-1.1.7-1.8.7H23c-.6 0-1.3-.4-1.7-.8-.4-.5-.7-1.1-.7-1.8v-.1c-.6-.3-1.3-.5-1.9-.5h-.3c-.5 0-.9.4-1.1.8-.3.6-.4 1.4-.4 2.1 1.8.1 3.7.6 5.3 1.5 0 0 .1 0 .1.1.1-.1.2-.2.4-.3.5-.3 1.1-.5 1.7-.5.3 0 .5 0 .8.1.6.2 1.1.5 1.5 1 .4.4.7 1 .7 1.6zm-5.4-6s0 .1 0 0c0 .4.2.7.4.9.2.2.5.4.8.4h.1c.3 0 .6-.1.9-.4.2-.2.4-.5.4-.8v-.1c0-.3-.2-.6-.4-.9-.2-.2-.6-.4-.9-.4H23c-.3.1-.5.2-.7.4-.2.4-.3.6-.3.9zm-13.6 5c-.2-.1-.5-.2-.8-.2h-.1c-.4 0-.7.2-1 .4-.3.3-.5.6-.5 1v.1c0 .2.1.5.2.7.1.2.2.3.3.4.5-1 1.2-1.8 1.9-2.4zm16.1 4.5c0-.8-.3-1.7-.8-2.3-1-1.3-2.4-2.2-4-2.7-.3-.1-.6-.2-.9-.2-.9-.3-1.9-.4-2.8-.4-1.2 0-2.5.2-3.7.6-1.5.5-3 1.4-4 2.7-.5.7-.8 1.5-.8 2.3 0 .3 0 .6.1.9.2.7.5 1.3 1 1.8.4.5 1 1 1.6 1.3.1.1.3.2.4.2 1.7.9 3.6 1.3 5.4 1.3h1c1.9-.2 3.8-.7 5.4-1.9.5-.4.9-.8 1.3-1.3s.6-1.1.7-1.7c0-.2.1-.4.1-.6zm1.5-3.3c0-.2 0-.4-.1-.6-.1-.3-.3-.5-.6-.6-.3-.1-.6-.2-.8-.2-.3 0-.5.1-.8.2.8.7 1.4 1.4 1.8 2.4.1-.1.3-.3.3-.4.1-.3.2-.6.2-.8zm0 0\" fill=\"#FFFFFF\"></path></svg><svg height=\"10\" viewbox=\"4.699999809265137 8.300000190734863 22.599998474121094 15.40000057220459\" width=\"16\"><path d=\"M4.7 8.3v2.5L16 17l11.3-6.1V8.3H4.7zm0 3.7v11.7h22.6V12L16 18.1 4.7 12z\" fill=\"#FFFFFF\"></path></svg><svg height=\"14\" viewbox=\"87.43199920654297 227.56399536132812 422.6809997558594 382.7259826660156\" width=\"20\"><g><g><rect fill=\"none\" height=\"42.929\" width=\"42.929\" x=\"421.615\" y=\"375.172\"></rect><g><rect fill=\"none\" height=\"42.929\" width=\"42.929\" x=\"421.615\" y=\"375.172\"></rect><path d=\"M87.432,332.244v193.283h85.424v84.763h251.855v-84.763h85.402V332.244H87.432z M383.309,568.021H214.237 v-105.67h169.072V568.021z M464.543,418.101h-42.929v-42.929h42.929V418.101z\" fill=\"#FFFFFF\"></path></g></g><rect fill=\"#FFFFFF\" height=\"84.536\" width=\"253.609\" x=\"175.93\" y=\"227.564\"></rect></g></svg></span></div></div></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSorrento Therapeutics May Bring Best In Class COVID-19 Tests\n</h2>\n\n<h4 class=\"meta\">\n\n\n2020-08-18 19:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4369420-sorrento-therapeutics-may-bring-best-in-class-covidminus-19-tests><strong>Bull & Bear Trading</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryCOVID testing is essential for helping to reopen the economy, schools, sports, etc. Accurate, rapid, convenient, and affordable testing is needed.Sorrento acquired the license to a COVID test ...</p>\n\n<a href=\"https://seekingalpha.com/article/4369420-sorrento-therapeutics-may-bring-best-in-class-covidminus-19-tests\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SRNE":"索伦托医疗"},"source_url":"https://seekingalpha.com/article/4369420-sorrento-therapeutics-may-bring-best-in-class-covidminus-19-tests","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2060983634","content_text":"SummaryCOVID testing is essential for helping to reopen the economy, schools, sports, etc. Accurate, rapid, convenient, and affordable testing is needed.Sorrento acquired the license to a COVID test developed by researchers at Columbia University. This test checks all the boxes to be one of the Best In Class COVID tests.This test is called COVI-TRACE and is expected to be submitted to the FDA for Emergency Use Authorization (EUA) approval in the very near future.Another key catalyst pending is the FDA's EUA approval of a separate COVID test for antibodies, called COVI-TRACK. These dual catalysts are likely to drive the price of Sorrento shares higher.Other important catalysts for Sorrento exist that are both COVID-related and non-COVID related.San Diego based Sorrento Therapeutics (SRNE) is a clinical stage and commercial biopharma company. The Company operates through two segments: Sorrento Therapeutics and Scilex. The Sorrento Therapeutics segment is organized around its Immune-Oncology therapeutic area, leveraging its G-MAB antibody library and targeted delivery modalities to generate the next generation of cancer therapeutics. These modalities include chimeric antigen receptor T-cell therapy (CAR-T), dimeric antigen receptor T-cell therapy (DAR-T), antibody-drug conjugates (ADC), as well as bispecific antibody approaches. Additionally, Sorrento Therapeutics segment also includes Sofusa, a drug delivery technology that delivers biologics directly into the lymphatic system to potentially achieve improved efficacy and fewer adverse effects than standard parenteral immunotherapy. The Scilex segment is organized around its non-opioid pain management operations.  Here is a link to Sorrento's most recent 10Q. The screenshot below is excerpted from the consolidated balance sheets:\n Notably, Sorrento pre-paid early $120M in long term debt in Q2 2020. This type of deleveraging may be considered somewhat rare for a biotech. Early pre-payment of debt may be viewed as a corporate action by a company that is preparing for some type of M&A activity. A deleveraged balance sheet is more attractive to a potential partner. Sorrento rejected a $1B buyout offer at $7 per share in January. Sorrento shares closed above $12 on 8/17/20. The high price target on the street has recently been raised by HC Wainwright from $24 to $30 per share for Sorrento. Veteran market traders acknowledge that biotech stocks can be very volatile and carry an extreme risk/reward ratio for traders. These stocks are generally for aggressive traders only who can sustain the loss of their capital. The use of risk management techniques, such as stop losses and appropriate size of position, are strongly encouraged. Trading in volatile biotech stocks like Sorrento is suitable only for those who have a high risk tolerance. The company has access to about $500M remaining in the $1B ATM facility. Existing products in the company's diverse pipeline have significant potential to generate revenues in the near term. The following discussion of two key COVID testing products being developed by Sorrento may be material to the company's financials in the coming quarters. These two COVID diagnostic products have the potential to generate significant revenue for Sorrento, and perhaps drive the price of Sorrento shares higher on the stock chart.\n Sorrento Therapeutics may be emerging as one of the leaders in the important COVID-19 testing space. Accurate, rapid, convenient, and affordable COVID testing is needed to reopen national economies around the globe. Sorrento's two COVID tests, COVI-TRACK and COVI-TRACE are both in the process of being brought to market. COVI-TRACK is pending FDA approval for EUA any day. This 8-minute rapid test is for antibodies to determine if someone has previously had the virus and recovered. The announcement of this EUA may be a catalyst for shares of Sorrento to trade higher in the near term. Indications are that manufacturing of COVI-TRACK inventory has been ongoing so that pending orders can be filled quickly after the EUA is announced. Monetization of this testing product may occur quickly. Any announcements of existing orders for COVI-TRACK will also likely contribute to a move higher in Sorrento's stock price.   COVI-TRACE has recently been acquired from researchers at Columbia University. This event recently contributed to Sorrento's price spike up to $20, as shown on the daily chart above. This saliva-based, rapid, 30-minute test determines if someone is currently infected with the COVID virus. For several reasons discussed in this article, COVI-TRACE may be the Best In Class product in the COVID testing space.  The nasal swab testing method for COVID is uncomfortable and unpopular with consumers. Saliva is becoming the new medium for testing as it is convenient and simple. Competing saliva-based test products from other companies exist and some are coming to market ahead of Sorrento's COVI-TRACE entry. However, these other competing products may lack the key advantages required to make them viable competitors for Sorrento's COVI-TRACE in the marketplace. The newer saliva-based tests are the much-needed evolution of the COVID testing space beyond the previous nasal swab tests. Not all of these tests are created equal and there will be winners and losers in the space.\n On 8/15/20 the FDA issued EUA approval for a saliva-based, COVID test developed at Yale's School of Public Health. Yale's test is called Saliva-Direct and it is a positive step forward in the evolution of the testing space. Sorrento's COVI-TRACE holds several key advantages over the Yale test, and other competing saliva-based tests. These key advantages may make the Sorrento-Columbia test the Best In Class product as it comes to market soon. The advancement of COVI-TRACE in the FDA process towards an anticipated EUA could be a catalyst for Sorrento's stock to trade higher. Submission of COVI-TRACE to the FDA for EUA approval is anticipated any day now. It is hoped that the FDA will grant the request for COVI-TRACE's EUA approval quickly. The need for rapid, accurate, affordable, and convenient testing is desperately needed in the U.S and globally. If this FDA EUA for COVI-TRACE is approved, then Sorrento shares could experience another leg higher on the stock chart. These are important catalysts that traders may want to focus in on the timeline for these announcements. The submission of a request for a COVI-TRACE EUA is pending any day now. The possible approval of Sorrento's EUA request from the FDA is unknown at this time. Notably, the COVID testing space is not likely to be a \"one-winner takes all\" competition. Literally billions of COVID tests will be needed by the world's population in the coming months and years. It is possible that people could take several tests weekly to meet the standards required for reopening economies, schools, sports, etc. Meeting this demand for testing will require the combined efforts of many companies who will all likely take a share of the marketplace for this important work. Sorrento's COVI-TRACE may be one of the tests in high demand by consumers. Significantly, Sorrento's exclusive licensing agreement with Columbia University enables this test to be modified and applied for diagnostics on other illnesses, such as the common flu. This testing platform may achieve multiple-case use functionality.\n A discussion on the advantages of the Sorrento-Columbia test over the highly publicized Yale test may help to achieve some level of clarity. The Yale SalivaDirect test fail's to deliver all of the key advantages delivered by Sorrento's COVI-TRACE. Here is a breakdown of several key points in a comparison of the two tests: Cost: SalivaDirect is estimated to cost $20. However, the Yale test also requires shipment to a lab for processing. Overnight shipping costs to the lab can cost $25 to $40. In addition to shipping costs, the lab costs associated with the Yale test could be much higher than the overly-optimistic researchers at Yale have stated. These researchers are great in the lab, but perhaps new to the business world. Those who know the diagnostics industry understand that it is difficult to get in the door for less than $80, including for COVID testing. Labs have employees to pay and overhead expenses to meet. Labs also have legal liability. These lab costs must be covered by the charges to customers. COVID testing is no different. So let's dismiss the notion that the Yale test will be inexpensive. The total end cost to the consumer is what matters here, which includes shipping. The total cost of the Yale test, SalivaDirect, may be 5X - 10X more expensive to the consumer as compared to the Sorrento test. Sorrento Therapeutics CEO Henry Ji has stated that the Sorrento-Columbia test, COVI-TRACE, might cost only $10. The Sorrento test is an on-site test that does not require a lab. This means no shipping costs, or lab costs, for the COVI-TRACE test. The advantage of not requiring a lab for COVID testing is a game-changer. The need to be shipped off to a lab is part of the problem with current testing and has caused labs nationally to be overwhelmed. The Sorrento COVI-TRACE test is much cheaper than the Yale test because there are no shipping and/or lab costs for the Sorrento test. These shipping and lab costs are required for the Yale test. ADVANTAGE ON COST GOES TO SORRENTO.\n CNN's Sanjay Gupta may be referring to Sorrento's  Rapid Testing Speed: The testing space is evolving rapidly. Sending any testing samples off to a lab may soon become a deal-breaker because the time delay makes the test results almost useless. The role of labs in COVID testing is likely to diminish in the near future by necessity. A COVID testing result that is several days old is not much use in containing the spread of the virus. On-site, rapid testing results are soon to become the new gold standard for COVID testing. Sorrento's COVI-TRACE meets this qualification for gold standard testing as an on-site, rapid test that can be completed in just 30-minutes. Yale's SalivaDirect test does not meet this higher standard as it must be sent off to a lab for processing. Even if the Yale test were to be taken within a lab, the time required for test completion is still 3 hours. In this brief clip posted on Twitter, CNN's Sanjay Gupta may be referring to Sorrento's \"point of care test\" that does not have to be sent to a lab. ADVANTAGE OF NO LAB TESTING REQUIRED GOES TO SORRENTO. ADVANTAGE OF 30-MINUTE TESTING VS 3-HOUR TESTING GOES TO SORRENTO. Testing Accuracy: Sorrento's COVI-TRACE test delivers the highest level of both sensitivity and specificity measuring 97% and 100% respectively. Yale's testing capabilities may be much lower. It should be a concern that the Yale researchers have not been forthcoming with publishing their numbers on specificity and sensitivity. Yale has been marketing their test as cheap, but avoiding the crucial information of accuracy. In fact, the total cost to the consumer for the Yale test is not cheap, as discussed above in this article. This mis-leading information on cost is another concern. The primary concern is to learn why Yale has been hiding the accuracy numbers for its SalivaDirect product. As of this writing, multiple searches have not turned up this crucial information. I would ask that readers please post this information in the comments section, if it can be found. I will be happy to update this article.\n Not having easily accessible information provided on the Yale test's accuracy is a major red flag. Consumers do not need another instance of a disappointing COVID test on the heels of prior disappointments from other major companies earlier in this pandemic's timeline. Yale must immediately publish their information with complete clarity regarding accuracy for their SalivaDirect test with their exact findings. We have noted a spiffy marketing campaign that highlights a relationship with the NBA, and promotes the cheap cost of their test (inaccurate). This initial product launch of SalivaDirect seems to intentionally avoid the essential information regarding testing accuracy. Americans and the world require affordable testing that is highly accurate in determining COVID infection. This is essential for any test to be considered useful. Any test that is not accurate could actually be worse than no test at all. In a welcome contrast to Yale's SalivaDirect, Sorrento's COVI-TRACE test has been professionally forthcoming with its accuracy results. Sorrento has published on its website, and in press releases, the excellent results achieved by Columbia University researchers for their test. COVI-TRACE has achieved the highest levels of accuracy in early test. Yale's test has not published these numbers, why not? The entire world demands that an important Covid test be affordable and highly accurate. In stark contrast, the Sorrento-Columbia researchers have clearly stated that 97% sensitivity and 100% specificity are the capabilities of their rapid, saliva-based test. ADVANTAGE OF TESTING ACCURACY GOES TO SORRENTO.Summary Clearly, Sorrento's COVI-TRACE owns several crucial advantages over Yale's SalivaDirect test. It is possible that COVI-TRACE may become the gold standard for the literally billions of essential Covid tests that may need to be taken in the months and years ahead around the world. Only the Sorrento-Columbia COVI-TRACE checks all the boxes here for:\n  Saliva-based testing; Affordable testing; Rapid, 30-minute, point of care testing, without any lab necessary; Highly accurate testing.  The Sorrento-Columbia COVI-TRACE product currently appears to be a front-runner that may be acknowledged as a \"Best In Class\" COVID test. The FDA is in desperate need for high quality, next-generation testing like COVI-TRACE to be given an EUA so that the national nightmare of overwhelmed testing labs can be alleviated. We are days away from the start of flu season, the nation is struggling to reopen local economies, schools and colleges are struggling to reopen, and even sports leagues are tentative about the upcoming seasons. The nation is in great need for better COVID testing products. COVI-TRACE may become one of the leading products to meet the national and global demand for COVID testing. Revenue estimates for a successful and leading product like COVI-TRACE would be difficult to ascertain at this date. Suffice to say that revenues could be significant and meaningful for a small biotech firm like Sorrento. The stock may trade higher on the type of revenues that can be achieved from Sorrento's emergence as a leader in the COVID testing space. The technology that has been licensed from Columbia University can also be used for diagnostics on other diseases, such as the common flu. COVI-TRACK will be a separate testing product from COVI-TRACE that is likely to become a leader in its space also. As a rapid, 8-minute test for the existence of antibodies to COVID, COVI-TRACK will likely receive high demand. Sorrento currently has more than these two dual catalysts pending in the near term. These two different types of COVID testing products, COVI-TRACK and COVI-TRACE represent the potential to drive Sorrento shares much higher in the days ahead. An FDA EUA approval for COVI-TRACK appears imminent. The company has reportedly been manufacturing COVI-TRACK testing kits \"at-risk\" in anticipation of a positive response from the FDA. It is possible that Sorrento may begin monetizing the COVI-TRACK product almost immediately upon receiving the FDA EUA approval. This is the kind of action that the market likes and it would be likely to reflect in the stock price of Sorrento shares.\n Having two major catalysts, or binary events, occurring at the same time for a smaller biotech stock is a rare and special event for stock traders. Sorrento's submission of COVI-TRACE to the FDA for EUA approval may occur in the same time frame as COVI-TRACK receives its EUA approval. This is likely to be a powerful combination of events that traders can certainly appreciate for what is currently only a $12 stock. Importantly, each of these two testing kits will deliver continuing catalysts if they advance past the FDA and begin to generate revenues in the marketplace. The potential exists for these high profile testing protects to attract the attention of government and big pharma to the rest of Sorrento's COVID pipeline, which is advancing nicely. Sorrento's ongoing work with the highly respected New York Mount Sinai Hospital has been underway with researchers on a key COVID treatment. This is another potentially significant catalyst for the price of Sorrento shares that could be highly impactful. Multiple other positive catalysts exist for Sorrento, some of which are COVID-related, while others are non-COVID-related.  Sorrento is a 25% owner of Celularity, a clinical stage biotech that is advancing its own pipeline of cellular medicine products, including COVID-related products. The following informal, \"Boom Calendar,\" has been compiled by @bioboom and his due diligence team on Twitter to delineate pending catalysts for this stock. The listing of pending catalysts in this possible schedule of events is helpful in communicating the amount of activity that is currently underway at Sorrento. There are no guarantees for the timing of any of the catalysts mentioned, or if the catalysts will even occur. However, traders deserve to know the potential for upcoming events that may impact the price of this stock. Therefore, the following graphic is very useful, albeit speculative:\n Conclusion Sorrento is an excellent trading stock. Members of our Trader's Idea Flow community in the Seeking Alpha marketplace have been experiencing success with this trade since we began coverage of Sorrento in May 2020. I am currently long shares of Sorrento after having sold recently above $20. The $7 run up to $21 during a recent two-week period was very profitable for members of our community. I believe that Sorrento will again trade to $20, and higher, in the near term. \nMembers of our Trader's Idea Flow community always receive our trading ideas and updates first. Traders know that timing is everything. Receiving information early and being prepared ahead of the competition is valuable. Please feel welcome to free trial our marketplace service, Trader's Idea Flow. Just one successful trading idea can cover the cost for many years of the very affordable subscription price.\nDisclosure: I am/we are long SRNE. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.","news_type":1},"isVote":1,"tweetType":1,"viewCount":279,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":26,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}