Why Inovio Stock Is Tanking Today

Shares of Inovio Pharmaceuticals (NASDAQ: INO) were tanking by 10.3% as of 11:08 a.m. EST on Tuesday. The decline came after the company provided its fourth-quarter update following the market close on Monday.

Inovio actually had plenty of good news. The company handily beat consensus top- and bottom-line estimates. It also reported positive results from a late-stage study evaluating VGX-3100 in treating precancerous cervical dysplasia.

So why did the biotech stock fall today? Many investors were hoping for more clarity on Inovio's COVID-19 vaccine program. The company said that it expects to complete a phase 2 study of INO-4800 in Q2. It also hopes to resolve all U.S. Food and Drug Administration (FDA) issues related to the device used to administer the COVID-19 vaccine by that time.

Source Fool.com