- Inovio Pharmaceuticals Inc is on course to extend its gains after a 30% surge on Thursday.
- NASDAQ: INO shares are benefiting from the coronavirus contract the firm signed with the DOD.
- The team's expansion is also boosting the firm.
Inovio Pharmaceuticals Inc is at the forefront of battling the COVID-19 pandemic – and is making headway. The Department of Defense has signed a contract with the Plymouth Meeting, Pennsylvania based firm regarding its development of vaccines for the disease that is raging around the world.
The contract is worth $71 and also serves as a seal of approval for the firm's efforts in battling coronavirus. It will allow the rapid production of the CELLECTRA 3PSP and CELLECTRA 2000 devices which allow administering the vaccine directly to the skin. Syringes have an expiry date while these devices can be safely stockpiled.
The INO-4800 vaccine has been in human trials since late April.
Gene Kim will join the team, spearheading the development of business in Asia, a rising market. Dr. Mammen (Anza) Mammen, who led the Pandemic Warning Team at the aforementioned DOD, will take care of the firm's clinical operations. These two recruits could boost the company forward.
Inovio Pharmaceuticals Stock
Shares have been surging in recent days, including a leap of 30.92% on Thursday. After closing at $31.25, NASDAQ: INO is up to some 5% and trades at $33 in Friday's pre-market trading.
NASDAQ: INO is already at 16-year highs, and around double the pre-surge levels. Before coronavirus, Inovio traded around $5. After this near seven-fold rise, will it correct or continue higher?
Previous coverage: INO Stock News: Inovio Pharmaceuticals Inc up on coronavirus vaccine hopes, competes with Novavax, Moderna
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD recovers above 0.6200 after an early dip
Wall Street shrugged off fears ahead of the close and trimmed Trump-inspired losses, helping AUD in its way up. Australia will release in the Asian session November Retail Sales and Exports and Import figures for the same month.
EUR/USD hovers around 1.0320 after another moved American session
The EUR/USD pair trades around 1.0320 after falling to 1.0275. Employment data, a cautious Federal Reserve, and President-elect Donald Trump tariffs shook financial boards and kept investors in cautious mode.
XAU/USD holds on to gains around $2,660
Gold price retains risk-inspired gains. The benchmark 10-year US Treasury bond yield holds at its highest level since late April near 4.7%, limiting XAU/USD directional strength. US markets will remain closed on Thursday.
Crypto Today: BTC drops 3% despite $52M ETF inflows as Chainlink launches Ripple’s RLUSD
Mega-cap assets like XRP and exchange tokens BNB and BGB showcased resilience, defying broader market weakness spurred by an ongoing liquidation event that wiped over $150 billion from global crypto market capitalization in the past 24 hours.
Bitcoin edges below $96,000, wiping over leveraged traders
Bitcoin's price continues to edge lower, trading below the $96,000 level on Wednesday after declining more than 5% the previous day. The recent price decline has triggered a wave of liquidations across the crypto market, resulting in $694.11 million in total liquidations in the last 24 hours.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.