Why Inovio Pharmaceuticals Stock Is Down Today
Shares of Inovio Pharmaceuticals (NASDAQ: INO) are down by 6.2% as of 10:43 a.m. EDT, despite the company not reporting any news. We can probably attribute these losses to a Tweet from Citron Research, which is run by short-seller Andrew Left.
In the Tweet, Citron Research claims Inovio's stock will fall back to $5, which would be a significant drop from its current levels. The biotech's shares are worth $16.09 apiece as of this writing. Why think Inovio's stock will fall off a cliff? Citron Research mentions that other companies looking to develop vaccines for COVID-19 are currently running late-stage clinical trials that feature thousands of participants. For instance, Moderna started a phase 3 study in July, and the company said it would enroll up to 30,000 participants.
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Source Fool.com
