(RTTNews) – Shares of clinical-stage biopharma company Sorrento Therapeutics, Inc. (SRNE) are surging more than 90% Friday morning and touched a new high of $5.29. The stock is currently trading at $5.14.

The company reportedly said the pre-clinical study of STI-1499, the antibody it has been developing, showed that it is effective in blocking the novel coronavirus.