Here's Why Inovio Pharmaceuticals Soared 23% In June
The price of Inovio Pharmaceuticals (NASDAQ: INO) shares jumped by 22.8% in June, according to S&P Global Market Intelligence. Although some of those gains have been wiped away already in July, the rally added to an upsurge that began to take shape in May following updates on the company's COVID-19 vaccine development efforts.
The timing is a bit complicated.
While shares of Inovio Pharmaceuticals soared in 2020 when it was viewed as a coronavirus vaccine contender, the stock is now down 75% from last June's peak because other pharmaceutical companies' vaccines beat its candidate to market. The stock's proverbial death blow materialized in April, when the U.S. government finally pulled its funding from Inovio's late-stage trials of its flagship vaccine candidate, INO-4800.
Source Fool.com
