INO Stock News: Inovio Pharmaceuticals Inc set to bounce ahead of releasing data for COVID-19 vaccine
|- NASDAQ: INO is set to kick off the new week above $30, resuming its rise.
- Inovio Pharmaceuticals is due to publish preliminary safety and immunogenicity figures for its COVID-19 vaccine shortly.
- Analyst recommendations that have triggered the profit-taking are still in play.
NASDAQ: INO has been attracting attention since the coronavirus crisis erupted and especially in recent days after announcing a fat contract with the Department of Defense (DOD).
The $71 million contract with the federal government will help Inovio fund its efforts for developing a vaccine for COVID-19. The deal forbids the firm to sell its Cellectra 3PSP prototype device to any other entity at a lower price.
Details about progress around these immunization efforts – the preliminary safety and immunogenicity figures –are due out by the end of the month, which concludes on Tuesday.
Inovio Pharmaceuticals Stock
After surging above $30 – and completing a nine-fold leap – profit-takers came along and sold off NASDAQ: INO shares, which closed at $29.98 on Friday after hitting a new 52-week peak at $33.79.
One of the downside drivers came from Stephan Willey, an analyst with Stifel Nicolaus who cut the Inovio's rating from buy to hold. He said that investors see the Plymouth Meeting, Pennsylvania based firm's shares as "less palatable" to investors. His target is $24, below the current price.
That will come to the test soon enough. Apart from the publication of the immunogenicity data, other factors impacting NASDAQ: INO are end-of-quarter flows, which always cause high volatility in markets.
On the other hand, the broader equity market remains concerned about the rapid spread of COVID-19 in America, with California and Florida ordering the closure of certain activities, record infections in Arizona and Georgia, and fears about hospital capacity in various cities in Texas. Growing concerns may push S&P 500 investors away from stocks that depend on consumption and into ones focusing on the disease, such as Inovio Pharmaceuticals
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