Developing innovative products is an excellent way for a company to become successful, and that's what Inovio Pharmaceuticals (NASDAQ: INO) is looking to do. This small-cap biotech focuses on DNA-based vaccines and treatment for cancers and infectious diseases.

However, some things matter more to investors than an ambitious vision, including actual results. And in that regard, Inovio Pharmaceuticals hasn't been impressive over the past few years. Is there any hope left for the company? Let's look at one reason Inovio could be an exciting contrarian buy, and one reason to stay away.

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Source Fool.com