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Clinical-stage biopharmaceutical company Sorrento Therapeutics (NASDAQ:SRNE) has been in the financial press recently, and not necessarily in a good way. In fact, a U.S. Food and Drug Administration (FDA) ruling from August undoubtedly made some SRNE stock holders wriggle in their seats.Source: Shutterstock As it turned out, Sorrento had an unexpected competitor for its Covid-19 saliva test. Specifically, Yale University was granted emergency use authorization from the FDA for its own Covid-19 test. Furthermore, Hindenburg Research reported that Yale's test would be given away for free.Likely as a result of this, Sorrento's stock price declined. Meanwhile, also in August, Sorrento filed an application with the FDA. Yet, this wasn't for a Covid-19 test, but instead was for the STI-1499 (Covi-Guard) antibody for hospitalized Covid-19 patients.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 10 ESG Stocks to Buy for a Brighter Future Also, Sorrento's application wasn't for emergency use...
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