Why Sorrento Therapeutics Shares Are Tumbling Today

Shares of Sorrento Therapeutics (NASDAQ: SRNE) had fallen 10.6% lower as of 11:12 a.m. EDT on Wednesday. First, the stocks of most drugmakers working on COVID-19 vaccines fell after Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases (NIAID), stated in an interview with JAMA editor Howard Bauchner that COVID-19 vaccines likely won't provide a long period of immunity. Second, Sorrento has been hit with a deluge of lawsuits over the last few days.