What happened Shares of Sorrento Therapeutics (NASDAQ: SRNE) fell 37.8% in October according to data provided by S&P Global Market Intelligence. Shares peaked on Oct. 13 in anticipation of a research and development presentation to go over the company's vast array of potential COVID-19 products. Sorrento has a pipeline of drugs to treat patients infected with the novel coronavirus, to prevent infection with a vaccine, and to detect the coronavirus with various diagnostic tests. So what Following the presentation, investors seem to have realized that while Sorrento has quite a few programs to address the COVID-19 pandemic, the company hasn't made much progress on getting the drugs, vaccines, and tests to a point where it can generate revenue. During the month, Sorrento announced that it licensed yet another potential COVID-19 treatment from Personalized Stem Cells. But like its other programs, the mesenchymal stem cell program is still at the early stage of development. A few days later, the biotech announced that Brazilian regulators cleared a 400-patient, mid-stage clinical trial of abivertinib as a treatment for patients hospitalized with COVID-19. Unfortunately, a few weeks later, the clinical trial has yet to start enrolling patients, according to the U.S. government's clinical trial database where the study is listed. Image source: Getty Images. Now what With many companies developing vaccines against the novel coronavirus, including data on Monday from Pfizer and BioNTech, it seems Sorrento is slowly missing the COVID-19 opportunity while it focuses on building the breadth of its offerings. For Sorrento to turn things around, investors should look for the company to focus on a couple of its opportunities and develop them as quickly as possible. 10 stocks we like better than Sorrento TherapeuticsWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Sorrento Therapeutics wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of October 20, 2020 Brian Orelli, PhD and The Motley Fool have no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source