[Donger]

In preclinical testing of cells, Sorrento's antibody drug provided "100% inhibition" of SARS-CoV-2 — the new coronavirus that causes Covid-19 — within four days. Sorrento expects this antibody to be the first in a drug cocktail that would create a "protective shield" against infection.

But Sorrento is far from the only company working on an antibody-based approach to a coronavirus treatment. Bigger players like Eli Lilly (LLY) and Regeneron Pharmaceuticals (REGN) also have programs in this arena.

Further, Sorrento has only so far conducted testing in cells. In order to eventually gain Food and Drug Administration approval, Sorrento will need to test its coronavirus treatment in animals. Then, it will have to ask the FDA for permission to begin testing for safety and effectiveness in humans.

"It's just hype," Brad Loncar, Chief Executive of Loncar Investments, said in an email. Loncar provides the index for two exchange-traded funds that track biotech companies. "There are many companies working on antibodies that are far ahead."

Still, shares of Sorrento charged up 157%, near 6.70, in afternoon trading on the stock market today. Sorrento representatives didn't immediately return a request for comment.