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Sorrento Therapeutics stock price tanks amid bankruptcy, short-seller pressure

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A biotech company that once claimed to have a 'cure' for COVID-19 just filed for bankruptcy, sending shares plunging 59%

that the company discovered a cure to COVID-19, which caused its stock to soar 243% in a single day. This took the company's market cap from millions to well over a billion.

"We want to emphasize there is a cure. There is a solution that works 100 percent," Ji told Fox News, a statement that was refuted by health care experts."If we have the neutralizing antibody in your body, you don't need the social distancing. You can open up a society without fear."on the biotech firm following Ji's comments, which caused Sorrento's stock to drastically decline in value.

 

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