Why Inovio Pharmaceuticals Stock Is Jumping Today
Shares of Inovio Pharmaceuticals (NASDAQ: INO) are up by 7.6% as of 11:59 a.m. EDT on Monday, after rising by as much as 9.1% earlier in the day. The biotech didn't report any news but is probably benefiting from an overall stock market rebound.
All three major U.S. market indexes experienced sharp drops over the past week-and-a-half, with the tech-heavy Nasdaq Composite declining by nearly 10% from Sept. 2 to Sept. 11. Inovio's stock had already been under pressure before these developments. But with the broader market getting a lift today thanks to positive news regarding a potential COVID-19 vaccine (among other things), it isn't surprising that Inovio is benefiting, as well.
With that said, the biotech will continue to be highly volatile moving forward. Inovio said it would kick off a phase 2/3 clinical trial for its experimental coronavirus vaccine, INO-4800, sometime this month.
Source Fool.com
