Lakewood Capital has established a short position in Sorrento Therapeutics (SRNE +0.6%), joining a growing list, citing its “checkered” history and “opportunistic claims to have a cure for COVID-19.”
Shares quadrupled in mid-May after the company announced that it discovered an antibody, dubbed STI-1499, that, it claimed, could provide 100% inhibition of SARS-CoV-2. Shares peaked at $10.00 the next day but retraced to a low of $3.82 on June 4 before starting a new up trend.
Observers, including STAT’s Adam Feuerstein, Vital Knowledge and Hindenburg Research, were quick to question the veracity of the company’s claims.
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