Why Inovio Pharmaceuticals Jumped 8.7% Today
Shares of Inovio Pharmaceuticals (NASDAQ: INO), a clinical-stage biotech company, rose 8.7% on Tuesday, after the company released its fiscal first-quarter earnings report on Monday. And while Inovio's revenue and net income came in lower than the average analyst estimate, investors remain hopeful that the company will be one of the winners of the race to develop a vaccine for COVID-19.
During the first quarter, Inovio recorded revenue of $1.3 million, down about 53% year over year. On average, analysts were expecting the company's revenue to come in at $1.91 million. Also, Inovio reported a net loss of $33.1 million, or $0.26 on a per-share basis, compared with a net loss per share of $0.30 a year ago. Inovio's loss per share came in lower than the $0.22 analysts had been expecting. Despite its revenue and earnings miss, though, Inovio continues to move rapidly through the early stages of the development of its investigational COVID-19 vaccine, INO-4800.
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Source Fool.com
