The medical sector has been working relentlessly to create a Covid-19 vaccine ever since the virus’s outbreak. The world’s best pharmaceuticals are aiming to introduce safe and effective vaccines as fast as possible. Sorrento Therapeutics is one of them. The company is currently developing several potential weapons to aid in the fight against coronavirus.
Furthermore, the company recently entered into a licensing agreement with Columbia University for the rights to a rapid, one-step diagnostic test. This new test detects the SARS-CoV-2 virus in 30 minutes from a saliva sample.
Dawson James analyst Jason Kolbert stated that part of what makes the product, COVI-TRACE, so appealing is that it is self-contained. All of the testing materials are in a single tube, so they don’t require any specialized laboratory equipment. That makes the test easily deployable for point of care, on-site, or potentially at-home testing.
Besides, its COVI-TRACK test could also drive a substantial upside. The company has already tested sample cohorts from healthy donors and COVID-19 patient samples to conduct analytical validation. The assay showed a specificity of over 97% and a diagnostic sensitivity of more than 94%.
After the issuance of a EUA, the COVI-TRACK test will be available for distribution to clinical testing sites in the U.S. So far, Sorrento has secured manufacturing capacity to support the production of up to five million test kits per month.
Sorrento Therapeutics is the future owner of SmartPharm Therapeutics
Additionally, Sorrento Therapeutics made a deal to acquire SmartPharm Therapeutics. According to Kolbert, the capability to develop non-viral DNA, along with gene delivery platforms for coronavirus, and rare diseases, has great potential. It provides the company with the ability to drive the body to produce antibodies continuously. And such antibodies may be a critical factor in defeating Covid-19.
Sorrento Therapeutics has already skyrocketed by 327% in 2020. However, it seems the company is well set to gain much more in the future. So far, Kolbert left his Buy recommendation and $24 price target unchanged. In the case of success, shareholders could gain 66% over the twelve months with this price target.