- Inovio Pharmaceuticals is trading close to the highest since 2007 amid coronavirus vaccine hopes.
- INO is competing with other efforts from Novavax and Moderna.
- An upbeat market mood may carry it even higher.
Inovio Pharmaceuticals Inc (NASDAQ: INO) has kicked off the short trading week on a high note, trading closer to $15. The Pennsylvania-based pharma firm is focused on synthetic DNA products for cancer and also infectious diseases – which comes handy amid the global fight against COVID-19.
The reason for the recent rise stems from the company's report on promising results from preclinical studies for a coronavirus vaccine. The test of INO-480 in mice and guinea pigs is seen to have generated robust neutralizing antibodies and also T-cell responses to the SARS-Cov-2 virus. The company is working with the Witsatr institute, Public Health England, Fudan University, Advaccine, and the University of Texas in its efforts.
The news from INO competes with Novavax, another pharmaceutical that focuses on vaccines and has announced the beginning of a human trial. Earlier this month, markets were thrilled by Moderna's report of success with humans, but the lack of details about its immunization cast doubts
Inovio Pharmaceuticals Stock
The rise in INO's price seems relatively limited in comparison to its peers as competition is causing confusion among investors. Which firm will be the first to launch a vaccine? That remains an open question.
Another reason for the lack of a double-digit move – at least for now – is that the company is already worth $2.3 billion and its shares trade at double-digits in dollars. INO is a relatively mature company that has been around since 1979.
More, according to Elliott Wave Analysis theory, the stock price is close to completing a cycle:
After a wave ((5)) of Red I is complete, a lengthy multi month correction may take place in 3,7 or 11 swings before more upside is expected to resume.
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