Shares in Sorrento (SRNE) are rallying 17% in Thursday’s pre-market trading after the company announced that an Application for Emergency Use Authorization (EUA) is under review at the US FDA for is Covid-19 diagnostic test kit.Its COVI-TRACK in vitro diagnostic test kit enables the independent detection of IgG and IgM antibodies in sera of patients exposed to the SARS-CoV-2 virus.The rapid antibody test allows for results to be available in eight minutes or less. It reveals whether someone has been exposed to or potentially had coronavirus, and subsequently created antibodies to combat the infection.Analytical validation was performed by testing sample cohorts from healthy donors and confirmed positive COVID-19 patient samples by RT-PCR testing, and the assay demonstrated a specificity greater than 97% and diagnostic sensitivity of greater than 94%.Upon issuance of an EUA, the COVI-TRACK test will be available for distribution to clinical testing sites nationwide, says Sorrento.The company has already secured manufacturing capacity to support the production of up to five million test kits per month.Shares in Sorrento are currently trading up 35% on a year-to-date basis, and analysts have a Moderate Buy consensus on the stock’s outlook. The $24 average analyst price target indicates significant upside potential from current levels. (See SRNE stock analysis on TipRanks).Last week, Sorrento disclosed that in preclinical trials, the company’s monoclonal antibody (MaB), STI-4938, code named COVIDTRAP, inhibited SARS-CoV-2 viral infection in vitro.Sorrento has another antibody in development, STI-1499 (COVI-SHIELD), which also recently demonstrated promising in vitro results as it was able to completely block the SARS-CoV-2 virus.While it is still early on for both antibodies, H.C. Wainwright analyst Ram Selvaraju is encouraged by the additional positive results. “Together with Sorrento’s previously announced preclinical neutralizing antibody candidate, STI-1499, COVIDTRAP may provide a potent antidote against COVID-19,” the analyst said.Related News: 5 Promising Covid-19 Vaccines Picked For Trump’s Operation Warp Speed What Would a Merger Mean for Gilead? Top Analyst Weighs In Soleno Plunging 48% In Pre-Market On Obesity Study Failure More recent articles from Smarter Analyst: * Boeing’s $44 Billion Tanker Decision Delayed By Four Years – Report * Just Eat Takeaway.com To Snap Up Grubhub For $7.3 Billion * Starbucks Expects $3.2 Billion Revenue Loss In Q3 Due To Covid-19 * J&J; Brings Human Trial Start Of Its Covid-19 Vaccine Forward To July
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Boeing Co. (BA) is facing another setback as the U.S. Air Force has delayed by four years a decision on whether its $44 billion KC-46 tanker program should be approved for full-rate production.According to a Bloomberg report, the U.S. Air Force will announce a decision in July to September of 2024. It was previously planned for this September.The decision comes as Boeing, who is the contractor of the program since 2011, is trying to show it has fixed the flawed camera system used for the plane’s midair refueling mission.The Pentagon’s testing office seeks to postpone completion of ongoing combat testing and a final evaluation report until Boeing produces an improved, production-ready version of the “Remote Vision System”.At the same time, the Air Force said the delayed decision won’t affect orders to Chicago-based Boeing, which has already delivered the first 33 KC-46 tankers with the flawed system. The planemaker is set to produce 179 KC-46s under the program contract.Declaring a full-rate production is supposed to be a Pentagon stamp of approval that the system has demonstrated its combat effectiveness and that it can be efficiently produced and maintained.The news comes as Boeing reported this week that aircraft deliveries continued to decline in May, while order cancellations increased due to the travel restrictions tied to the coronavirus pandemic, which have throttled commercial jet demand.The travel demand freeze resulted in a deep cut in the number of commercial jets and services Boeing customers need over the next few years. As such, global airlines suffering billions of dollars in losses have been seeking to cancel or delay some of the orders they have with Boeing.COVID-19 has hit the planemaker very hard, with shares still down almost 40% since the beginning of the year. The stock is down 7.5% to $188.07 in today’s pre-market trading after dropping 6% on Wednesday.Wall Street analysts are cautiously optimistic on the stock. Nine Buys, 11 Holds, and 1 Sell rating give Boeing a Moderate Buy analyst consensus, with the $177.89 average analyst price target reflecting 13% downside potential in the shares over the coming year. (See Boeing stock analysis on TipRanks).Related News: Global Airlines Are Set To Lose $84.3 Billion In 2020, IATA Says Boeing’s Aircraft Deliveries Drop In May As Cancellations Rise Airbus Gets No New Aircraft Orders In May Amid Aviation Crisis More recent articles from Smarter Analyst: * Sorrento Soars 17% In Pre-Market On Covid-19 Test Application * Just Eat Takeaway.com To Snap Up Grubhub For $7.3 Billion * Starbucks Expects $3.2 Billion Revenue Loss In Q3 Due To Covid-19 * J&J; Brings Human Trial Start Of Its Covid-19 Vaccine Forward To July
(Bloomberg) — Losses picked up in U.S. stock index futures after the Federal Reserve signaled that the path to economic recovery will be long and as worries over a second wave of coronavirus infections grew.June contracts on the S&P 500 fell 1.6% as of 8:28 a.m. in London, extending earlier declines. Those on Dow Jones Industrial Average dropped 2%.In Europe, the benchmark Stoxx 600 Index slumped 2.7%, with all subgroup gauges dropping and the losses led by shares of travel companies and banks.Fed Chairman Jerome Powell Chair indicated on Wednesday the central bank will keep providing stimulus into the U.S. economy until its troubled labor market has recovered from the harm of the coronavirus pandemic.The latest Fed meeting conclusion has “certainly been the trigger to renew growth concerns for markets,” said Jingyi Pan, market strategist at IG Asia Pte. “This reminder that the Covid-19 hit to the economy is still a very prevalent issue has also been bolstered by reports of a surge in some localized cases in the U.S., altogether seeing to the continued paring back of the earlier risk-on sentiment in markets.”Coronavirus cases reached 2 million in the U.S., according to data from Johns Hopkins University. That’s after Texas recorded 2,504 new cases, the highest one-day total since the pandemic emerged, according to state health department figures.(Adds Federal Reserve’s comments and European stocks)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.