PortandTerminal.com, May 18, 2020
President Trump hasn’t talked up last Friday’s COVID-19 cure announcement by Sorrento Therapeutics. Which is strange. It seems like something that he would do. Is this another clue for investors that Sorrento is just a pump and dump stock scam?
WASHINGTON – Given President Trump’s demonstrated enthusiasm for any medical discovery that looks as if it might help treat COVID-19, it’s strange that he has kept so silent on Sorrento Therapeutics’ news for over 72 hours. What does he know that investors don’t?
The 100% Cure
Last Friday, the Sorrento Therapeutics announced in no uncertain terms to FOX News that it had found a cure for COVID-19. Why announce a major breakthrough of this nature on FOX News first? Perhaps to catch a President’s eye?
“We want to emphasize there is a cure. There is a solution that works 100 percent. If we have the neutralizing antibody in your body, you don’t need the social distancing. You can open up a society without fear.”Dr. Henry Ji, founder and CEO of Sorrento Therapeutics to FOX News
Sorrento promises a COVID-19 cure without the complication and economic cost of social distancing. Just what a president dealing with a pandemic that has killed almost 90,000 of his people and crippled his economy would want.
Unsurprisingly, Sorrento’s stock price immediately went through the roof on Friday’s news. While the stock has pulled back since its high of $10/share, it has still had impressive gains, up by 148% vs its close just last Thursday pre-announcement. The company is now worth $1.3 billion dollars, up by $772 million dollars in just three days.
Still, some are asking if this is all for real or not. The Wall Street Journal put it best with their headline “Be 100% Skeptical of 100% Coronavirus Cure“.
Let’s wait and see what happens when the test results “will be submitted to a peer-reviewed publication shortly” the Wall Street Journal cautioned repeating company CEO Dr Ji’s promise. Good advice.
Why is President Trump so oddly quiet on Sorrento Therapeutics?
President Trump famously likes to tweet. Since Friday, the President has tweeted 121 times. Not ONE of them has mentioned the “100% COVID-19 cure” news from Sorrento Therapeutics.
That’s odd – especially from a President who desperately needs some good pandemic, get back to work news as he looks to an election in November.
Here’s a case in point.
Remember Hydroxychloroquine? The ‘What do you have to lose?’ drug. President Trump talked up this so-called cure on network television multiple times and tweeted about it 9 times to his 80 million followers.
Even today, the president was talking up Hydroxychloroquine claiming during a roundtable event at the White House that he is taking it despite its well-documented risks.
But with Sorrento Therapeutics though? Crickets. Not a mention.
“I happen to be taking it. A lot of good things have come out. You’d be surprised at how many people are taking it, especially the front-line workers.”President Donald Trump discussing Hydroxychloroquine, May 18, 2020
You can’t kid a kidder
Why hasn’t President Trump mentioned Sorrento Therapeutics’ claimed discovery of a “100% COVID-19 cure”?
One scenario is that President Trump doesn’t believe Sorrento Therapeutics’s claims. As the old saying goes, “You can’t kid a kidder”. He does have access to a lot more information than most investors. Does he already know that this is a scam and is avoiding the stink of attaching his name to it?
Another scenario is that the president views the COVID-19 cure/treatment as a horse race. Many will cross the line. Only one is going to win. This horse isn’t the one he’s placed his bet on.
In any scenario though it’s strange. Why isn’t President Trump talking up Sorrento Therapeutics’ claim that everything is going to be OK?
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