Sorrento Therapeutics triples number of its rapid COVID-19 tests distributed in Mexico

Sorrento Therapeutics Inc.
SRNE,
-1.66%
announced Monday a contract for the sale and distribution of up to 10 million its Covistix rapid COVID-19 virus detection tests in Mexico. That follows a previously announced deal for up to 5 million Covistix tests in Mexico, bringing the total number of tests to 15 million. The biopharmaceutical company said independent clinical testing of Covistix by a Mexico-based national institute showed a “very high sensitivity” of around 90% in an “all-comers” population, including asymptomatic COVID-19 virus carriers. Sorrento’s stock, which rallied 2.8% in premarket trading, has dropped 16.0% this year through Thursday, while the iShares Biotechnology ETF
IBB,
-1.01%
has gained 2.1% and the S&P 500
SPX,
+0.52%
has climbed 25.8%.