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Why Inovio Pharmaceuticals Stock Is Soaring Today

TheMotleyFool

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Why Inovio Pharmaceuticals Stock Is Soaring TodayPhoto, wide shot, wide-angle lens, Pharmaceutical company, Midday, harsh overhead sunlight, directional sunlightt, photo by Art Wolfe: https://img.midjourneyapi.xyz/temp/7ae4a134-dd01-4c80-a621-18399f5a2541.png

Shares of Inovio Pharmaceuticals (NASDAQ: INO) were soaring 19.7% higher as of 11:07 a.m. EST on Friday. The big jump came after Oppenheimer analyst Hartaj Singh initiated coverage on Inovio with an outperform rating. Singh also set a $35 price target for the stock.

It's not a good idea to buy a biotech stock just because a Wall Street analyst likes it. However, it is a good idea to learn why an analyst is so bullish. So why does Oppenheimer's Singh think Inovio could more than double within the next 12 months?

Image source: Getty Images.

Source Fool.com

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