Why Inovio Pharmaceuticals Stock Dropped Today
Shares of Inovio Pharmaceuticals (NASDAQ: INO) closed Wednesday's trading session down by 6.8% after dropping by as much as 12.3% earlier in the day, despite the company not reporting any news. However, the biotech stock has been in sell-off mode for the past month (or so), and today is likely a continuation of that trend.
Inovio's stock went on a tear during the first half of the year -- gaining as much as 860% -- mostly thanks to its efforts to develop a vaccine for COVID-19. But the company's stock plunged after it released interim data from its phase 1 clinical trial for its coronavirus vaccine candidate, INO-4800, on Jun. 30. And although the biotech somewhat recovered from this setback, its shares started dropping again and gave up more than 40% in August. There are several factors fueling these losses for Inovio.
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Source Fool.com
