Here's Why Inovio Pharmaceuticals Stock Crashed Today
Shares of Inovio Pharmaceuticals (NASDAQ: INO) were crashing 23.5% lower as of 3:18 p.m. EDT on Friday after plunging as much as 30.5% earlier in the day. The biotech reported its fourth-quarter results after the market closed on Thursday, topping Wall Street consensus revenue estimates but posting a wider-than-expected loss. However, the primary reason behind Inovio's shares falling was that RBC Capital analyst Gregory Renza downgraded the stock to sector perform from outperform.
Inovio's fourth-quarter results really don't matter very much at this point, except for the company's cash position. Thanks to a big boost from stock sales through its at-the-market (ATM) facility, Inovio should have plenty of cash to fund operations at least into 2021.
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Source Fool.com
