Why Inovio Stock Slid Today
Shares of Inovio Pharmaceuticals (NASDAQ: INO) were sliding 5.2% lower as of 3:45 p.m. EST on Friday. The company announced earlier in the day that positive results from a phase 2 study evaluating INO-5401 and INO-9012 in combination with cancer immunotherapy Libtayo will be presented at the Society for Neuro-Oncology (SNO) 2020 Annual Meeting.
Normally, positive results from a clinical study serve as a positive catalyst for a biotech stock like Inovio. And Inovio's share price did jump 5% in early trading on Friday. However, when the overall market falls as it did today, it's hard for individual stocks to swim against the tide. In addition, investors appear to be much more heavily focused on Inovio's COVID-19 program than anything else right now.
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Source Fool.com
