Sorrento stock falls after company fires CFO

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Sorrento Therapeutics Inc. shares fell in the extended session Tuesday after the biotech drug maker said it fired its chief financial officer. In a Securities and Exchange Commission filing, Sorrento said CFO Jiong Shao’s employment was “terminated in its entirety” on Monday, and that Najjam Asghar would take on the CFO role until a successor could be found. Shares of Sorrento fell 9% after hours, following a 1.5% rise to close the regular session at $12.28. Back in May, Sorrento’s shares rallied on a potential “antibody cocktail” that could shield people from the virus that causes COVID-19, and in July it licensed a test that could diagnose COVID-19 quickly using saliva. Shares of Sorrento are up 263% for the year.
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