Why Inovio Pharmaceuticals Is Plunging Today
Shares of coronavirus vaccine developer Inovio Pharmaceuticals (NASDAQ: INO) are down 11% to $8.50 apiece as of 10:30 a.m. EDT. The company reported second-quarter earnings after markets closed on Monday. Among other things, Inovio plans to launch phase 3 clinical trials for its DNA coronavirus vaccine candidate INO-4800. In addition, the company is partnering with Sinovac Biotechnology and Advaccine to investigate the potential of INO-4800 as a booster shot.
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The small-cap biotech is making good progress. However, the issue of INO-4800 meeting regulatory guidelines in the U.S. remains unresolved. In April, the government pulled the funding for the study, citing the ample availability of other already approved vaccines. In addition, its U.S. study is still facing a clinical study hold by the Food and Drug Administration pending more safety information on its vaccine delivery device.
Source Fool.com
