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- Innovio Pharmaceuticals fell 39% on Monday after a biotech firm announced a temporary mid-to-late seizure of the coronavirus vaccine.
- Innovio said the trial is on a “partial clinical hold” until it answers questions from the Food and Drug Administration, which it plans to do in October-October.
- News of the study’s suspension led to a halt in Innovio stock trading before the opening bell.
- Crucially, this hold is not related to an adverse effect, and the Innovio phase-one trial is still moving forward.
- See Innovio trade live here.
Shares of biotech firm Innovio Pharmaceuticals fell 39% on Saturday after the company announced it would vaccinate for coronavirus in its mid-to-late-stage clinical trials.
Innovio said the trial is on “partial clinical hold” until it adequately answers questions from the Food and Drug Administration about the trial and the delivery device to be used.
Innovio said it plans to address the questions in October. Once that is done, the FDA has 30 days to determine whether a clinical trial can proceed. Innovio’s phase-one study is still in progress.
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Following the news, Inovio stock was suspended in pre-market trading as early as Monday. Tanked shares after stopping
Critically, the trial hold is not related to an adverse event. Due to the adverse reaction of the participants, AstraZeneca made waves earlier this month after suspending its phase-trial of the vaccine candidate. That U.S. Has been stalled because regulators are investigating whether participants’ neurological diseases are tied to the vaccine.
Innovio stock closed at .916.94 per share on Friday, up nearly 400% year-to-date. The company has six “buy” ratings, one “hold” rating, and no “sell” ratings with an average price target of 22.
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