Recent headlines were saturated with the alarming spike in new cases of coronavirus in various states. Consequently, the stock market experienced a massive sale. However, the actions of companies dedicated to the search for a vaccine or COVID-19 treatment took the news as a bullish signal.
) Soared over 100% this week, after the maker of the coronavirus vaccine revealed that the United States Department of Defense (DOD) had given it $ 71 million. This will go towards the manufacturing of your Cellectra 3PSP smart device and the purchase of Cellectra 2000 devices. These are the devices through which Inovio’s DNA vaccine candidate COVID-19, INO-4800, is entered into the skin. “Data-reactid =” 13 “> Inovio Pharmaceuticals (INO) soared more than 100% this week, after the maker of the coronavirus vaccine revealed that the United States Department of Defense (DOD) had given it $ 71 million. This will go towards the manufacturing of your Cellectra 3PSP smart device and the purchase of Cellectra 2000 devices. These are the devices through which Inovio’s candidate for the DNA vaccine COVID-19, INO-4800, is entered into the skin.
INO-4800 is currently in a phase 1 trial with provisional data expected for June. A Phase 2/3 test of INO-4800 should also start in the summer.
Maxim Naureen analyst Quibria argues that the new contract represents the vindication of Inovio’s vaccine program.
“The DoD that is incorporated for manufacturing the delivery device before the vaccine reaches approval is supportive and validating for INO-4800 in our opinion … As such, while the focus on space still appears to be on mRNA-based vaccines, a Focus vaccine that has not yet been approved for any indication (oncology, infectious diseases, etc.), Inovio’s DNA-based vaccine is making substantial progress, supported by multiple groups and the platform has a pedigree of safety and success in clinical trials for multiple indications, “said the analyst.
) After Inovio’s latest increase, stocks are currently trading below the analyst’s target price. “Data-reactid =” 17 “> Quibria, therefore, reiterated an Inovio share purchase, while the target price rose to $ 24 (from $ 18). To see Quibria’s history, Click here) After Inovio’s latest increase, stocks are currently trading below the analyst’s target price.
Overall, among the 8 analysts who posted a review of Inovio in the past 3 months, 5 recommend Buy, while 3 say Hold. INO’s moderate buy consensus rating comes with a $ 17.57 price target attached. However, the street has to catch up, as the figure currently represents a drop of 26%. (See analysis of Inovio shares in TipRanks)
