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Stocks - Moderna, Sorrento Surge in Premarket on Covid Cure Hopes

Investing.com
·2 min read

By Geoffrey Smith

Investing.com -- Stocks in focus in premarket trade on Monday, May 18th. Please refresh for updates.

Moderna (NASDAQ:MRNA) stock leaped 29.2% after the biotech company said its experimental vaccine for treating Covid-19 produced antibodies in all 45 participants in a preliminary trial. “These data substantiate our belief that mRNA-1273 has the potential to prevent COVID-19 disease and advance our ability to select a dose for pivotal trials,” chief medical officer Tal Zaks said in a statement. Sorrento Therapeutics (NASDAQ:SRNE) rose another 32% after more than doubling on Friday after its experimental antibody candidate showed potential in blocking COVID-19 infections in early studies. Softbank (OTC:SFTBY) ADRs were down 1.1% after announcing a $17 billion operating loss and saying that Alibaba (NYSE:BABA) founder Jack Ma is to leave its board. The Wall Street Journal meanwhile reported that Softbank is in talks to sell a large part of its stake in T-Mobile back to the latter’s parent company Deutsche Telekom (OTC:DTEGY). The WSJ estimated the value of its current stake at approaching $30 billion. Telekom ADRs were unchanged. Goldman Sachs (NYSE:GS) stock was up 3.5%, shrugging off a weekend filing by Berkshire Hathaway (NYSE:BRKa) that showed Warren Buffett's investment company had disposed of around 84% of its investment in the bank. Walt Disney (NYSE:DIS) stock was up 4.2% after a weekend report showing that the Saudi Arabian sovereign wealth fund had taken a position in the stock. Citigroup (NYSE:C) stock was up 4.7% and Bank of America (NYSE:BAC) stock was up 4.4%, both having also been on the fund's shopping list.

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