- NASDAQ: INO extended its gradual rise on Wednesday, has consolidated since.
- President Trump's push for a coronavirus vaccine is boosting the stock.
- Support and resistance lines are far apart, leaving room for volatility.
Winter is coming – and with it rising coronavirus cases all over the world, raising the need for a vaccine, which NASDAQ: INO is developing. That is the obvious reason for the increase in the firm's shares in the past few days, making their gradual way higher.
Can Inovio Pharmaceuticals extend its gains? The company is based in Pennsylvania, a critical battleground state for the presidential elections. President Donald Trump must win there and in other places to clinch re-election, and he is currently trailing in the polls.
Trump suffered his personal episode of COVID-19 and his doctors used Regeneron's experimental drugs to help him battle the virus, sending the stock higher. After returning to the White House, the Commander-In-Chief has been active in pushing forward a vaccine. Will Trump trump INO after doing the same for Regeneron?
Apart from tweeting, Trump can try to influence the Food and Drugs Administration (FDA) for the rapid approval of a vaccine. Moreover, the White House's Operation Warp Speed (OWS) can grant additional funds to firms working on immunization, boosting their shares.
Inovio has several competitors, some of them in advanced stages. Nevertheless, hopes for a greater push for a vaccine will likely raise all boats.
Inovio Pharmaceuticals Stock
NASDAQ: INO had been on a gradual path of gains, closing at $12.58 on Wednesday, before consolidating on Thursday, losing just 0.79% to close at $12.48.
At the current price, Inovio is still below the middle of its recent trading range. The peak of $18.52 is the upper band and $9.72 has been the bottom closing price in the past month. The middle point is around $14.12, and an upward break above that level would open the door to a bullish rally.
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