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How do we protect those at the frontline facing COVID-19 head on? Sorrento Therapeutics (SRNE) is on it.Looking at billions of antibodies, the company identified a small group that demonstrated the ability to block the S1 protein's interaction with human angiotensin-converting enzyme 2 (ACE2), the receptor used for viral entrance into human cells. Based on this, SRNE wants to develop an antibody cocktail against SARS-CoV-2, the virus that causes COVID-19, that is still effective even if mutations occur.Weighing in for Dawson James, analyst Jason Kolbert tells clients that SRNE’s antibody, STI-1499, has already exhibited a strong performance in an early clinical setting. Expounding on this, he stated, “What was also equally impressive was the low dose, which suggests the antibody ‘fits’ its target extraordinarily well and, as such, can work at a very low dose. This could translate into the ability to scale up rapidly to millions of treatments at a very effective cost of goods.”It should be noted that the company is set to develop STI-1499 as part of this “antibody cocktail,” known as COVISHIELD, with it hoping to discuss the best pathway to make any potential treatment available as quickly as possible with regulators. Kolbert added, “Through the U.S.'s Project Warp Speed, it's possible we could see STI-1499 move rapidly to commercialization.”Adding to the good news, management said that it has the capacity to produce up to two hundred thousand doses per month. While the current goal is to manufacture a million doses, the company thinks it can produce tens of millions of doses in a short timeframe.Speaking to the market opportunity, Kolbert commented, “We see a significant market opportunity in treating frontline workers (doctors, nurses and other mission critical personnel, as well as occupants of military ships at sea) to prevent and treat COVID infection. If we assume pricing below Remdesivir ($4,000) and a million doses equals a $4 billion opportunity for this potential antidote.”STI-1499 isn’t the only thing the company has going for it. Through its majority owned position in Scilex, SRNE is working on several non-opioid pain management therapies including resiniferatoxin, a toxin that ablates afferent nerves, as well as Scilex SP-102, an epidural steroid injection designed as a treatment of sciatica pain. It also boasts cell therapy programs that target both solid and liquid tumors.To this end, Kolbert initiated coverage on Sorrento shares with a Buy rating, while setting a $24 price target. This target puts the upside potential at a whopping 373%. (To watch Kolbert’s track record, click here)Judging by the consensus breakdown, it has been relatively quiet when it comes to other analyst activity. Only one review has been issued recently, and it was bullish, so the consensus rating is a Moderate Buy. (See Sorrento stock analysis on TipRanks)To find good ideas for healthcare stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

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On Tuesday, stocks finished higher, though they pared gains after Bloomberg report late in the session that the U.S. was considering sanctioning Chinese officials and firms over new national security efforts imposed on Hong Kong.

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Within 48 hours of Moderna's vaccine announcement, its execs sold $29 million in shares.

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The financial regulations require hedge funds and wealthy investors that exceeded the $100 million equity holdings threshold to file a report that shows their positions at the end of every quarter. Even though it isn't the intention, these filings to a certain extent level the playing field for ordinary investors. The latest round of 13F […]

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The release late Friday, May 22, of clarified rules on the Paycheck Protection Program (PPP) cleared up some aspects of the program, left some others uncertain but also drove home the point that for the first recipients, the end of the money isn't that far away.The primary purpose of the clarification issued by the U.S. Small Business Administration (SBA) was to reiterate earlier interim rules about qualifications and payback provisions for the PPP, which was designed to allow companies to help keep employees on the payroll rather than on the unemployment rolls. As the SBA rule released on May 22 notes, the eligible costs covered by PPP were to compensate for eight weeks of payroll expenses. With the first funds disbursed under the PPP on April 3, the 56-day period of payroll protection could be ending later this week for the first batch of recipients.The PPP has been cited by some trucking market observers as keeping capacity on the road that might otherwise have disappeared under the weight of a collapse in demand. In various webinars and reports, lawyers, financial advisors and others who have worked with trucking companies to get funds under PPP were advising early on that recipients had better have their records in order to be able to show that when it came time for their eligibility for loan forgiveness to be determined, they would pass the SBA standards. The approval process for loan forgiveness is to ensure that the funds disbursed under PPP were going to meet the key goal of the program – making sure 75% of the money went to keep pay flowing into workers' hands.  The SBA released its loan forgiveness application earlier this month.The details of the rule clarification did not impress the trucking law firm of Scopelitis Garvin Light Hanson & Feary. In an alert sent out on Saturday, May 23, the firm said the interim financial rule sent out "does not provide much by way of additional guidance." That additional guidance would have been on top of a series of other SBA interim rules sent out on a somewhat regular basis since the program began. The overriding question all along for companies that borrowed under PPP was whether they would use those funds in a way that would allow their loan to be forgiven. In other words, could they take a loan and turn it into a grant?The guidelines released on May 22, which follow up on earlier notices, review the procedure to have the loan forgiven: borrower completes a form; lender reviews the application; and lender makes a decision on forgiveness. The lender is supposed to let the borrower know within 60 days whether forgiveness is granted. The SBA then would send the money along to the lender. The latest SBA document spends a great deal of time discussing what constitutes acceptable payroll costs. Some of the key questions addressed:– If an employee is furloughed during the eight weeks but gets paid during that time, is that eligible for forgiveness? Yes, as long as the costs aren't more than $100,000 per employee, the cap on salaries eligible for coverage under PPP.– Is compensation paid out as "hazard pay" or other bonuses –somewhat common in the trucking industry during the pandemic– eligible to be covered under PPP? Yes. – Are owner-operators of a business eligible to have their loan forgiven? Yes. The document gives a fairly complicated answer to that question, and there are different ways of getting there, but yes, they are eligible. The calculation though is not straightforward. – Besides pay, what is eligible? As was noted in other clarifications by SBA, such things as rent or mortgage payments are eligible with the provision that they don't exceed 25% of the loan. One area that does not appear to be covered, much to the chagrin of smaller fleets, are lease payments or truck loan payments. – What is the definition of a full-time employee? One who works 40 hours or more. If the worker puts in 30 hours, that is considered a 0.75 employee for purposes of loan forgiveness. (Note that this is not in the wording of the original CARES Act that established PPP. It is an SBA definition.)The rule published by SBA also deals in such questions as pay reductions and how they are calculated into the eligible base for borrowing and forgiveness.The second document released by SBA on May 22 reiterated that the agency continues to hold the power to investigate loans or borrowers it believes do not meet the goals of the PPP, which is to protect the pay of non-public smaller companies. "SBA may review any PPP loan," the document states, spelling out several criteria that it might look at – eligibility, loan amounts and what it's used for, and whether the borrower is entitled to loan forgiveness. Under the provisions set elsewhere, it's the lender that determines the forgiveness, not the SBA. As the document says, lenders are expected to perform a "good faith review" to determine eligibility for loan forgiveness.And in case there was any doubt, the SBA answers a firm "no" to the question: "If SBA determines that a borrower is ineligible for a PPP loan, can the loan be forgiven?"See more from Benzinga * Cross-Border Summit Hits On International Trade, Cargo Visibility, USMCA * Air France-KLM bids adieu to A380 jumbo jet * Freight markets remain stable – On The Spot (with video)(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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The financial regulations require hedge funds and wealthy investors that exceeded the $100 million equity holdings threshold to file a report that shows their positions at the end of every quarter. Even though it isn't the intention, these filings to a certain extent level the playing field for ordinary investors. The latest round of 13F […]

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Hertz and LATAM became the latest companies that have been hit hard by the coronavirus crisis. Yahoo Finance’s Tom Belger weighs in on how the companies are faring.

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Nokia last week suspended operations at a telecoms gear manufacturing plant in southern India, the company said on Tuesday, after some employees tested positive for COVID-19. Nokia did not disclose how many workers at the plant in Sriperumbudur in the southern state of Tamil Nadu tested positive, but a source familiar with the matter said they were at least 42. The factory had begun operations in a restricted manner over the past few weeks, Nokia said in a statement, after India eased the world’s biggest lockdown to kick-start its economy which has been pummelled by the shutdown.

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Chile’s LATAM Airlines Group SA on May 26 became the largest carrier so far to seek an emergency reorganisation during the pandemic. British regional airline said on March 5 it had entered into administration as the already struggling carrier failed to withstand the plunge in travel demand caused by the coronavirus outbreak. The Swedish airline applied for a court-administered reorganisation after demand plunged due to the spread of the novel coronavirus, it said on its website on April 6.

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