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Why Inovio Stock Is Crashing Today

TheMotleyFool

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Why Inovio Stock Is Crashing TodayPhoto, wide shot, wide-angle lens, Biotech company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Sebastião Salgado: https://img.theapi.app/temp/80e18bfd-1ff8-4487-af62-1cdb7de1ceb6.png

Shares of Inovio Pharmaceuticals (NASDAQ: INO) were crashing 27.4% as of 10:17 a.m. EDT on Friday. The big decline came after the company announced that the U.S. Department of Defense is discontinuing funding of the phase 3 study evaluating its COVID-19 vaccine candidate INO-4800.

The loss of funding for the phase 3 study of INO-4800 presents a huge setback for Inovio, so today's major sell-off of the biotech stock after this news isn't surprising.

Image source: Getty Images.

Source Fool.com

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