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Reminder: SRNE has a $21 price target. Get in now.

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Let me quote from the Yahoo Finance article...

Sorrento’s playbook for fighting the coronavirus is to go at it from all angles. The company is developing a COVID-19 vaccine, has several therapeutic candidates, a diagnostic test, and an antibody test. The latter is code-named COVI-TRACK, and after watching a commercial for Abbott’s 5-minute saliva-based COVID test, Dawson James analyst Jason Kolbert spoke to Sorrento’s CEO about Abbot’s offering. The head honcho shared a few key thoughts: “1. This is great progress, but the test is designed to work once these China virus patients become symptomatic. 2. The Sorrento test (COVITRACK) is also rapid, saliva-based, is designed as a genomic assay and, as such, can detect the presence of virus in asymptomatic patients.”

“As such,” Kolbert said following the conversation, “We remain excited to see this test receive EUA (Emergency Use Authorization) and final approval for COVID.”

The test has already been analytically validated. RT-PCR testing of sample cohorts from healthy donors and confirmed positive COVID-19 patient samples showed that COVI-TRACK had a specificity higher than 97% and diagnostic sensitivity of more than 94%.

Sorrento believes it can produce up to five million test kits per month and upon issuance of a EUA, the COVI-TRACK test will be “available for distribution to clinical testing sites nationwide.”

Kolbert reiterated a Buy on SRNE shares to accompany a $21 price target.

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