Inovio down as two downgrades hit

Inovio (NASDAQ:INO) dropped 15% yesterday following positive results from its Phase 1 trial for Covid-19 DNA vaccine candidate INO-4800. The dip perhaps was to have been expected, with investors selling the news following the fast run higher in the stock leading up to the trial results.

“This preliminary data is likely to raise more questions,” says Stifel’s Stephen Willey, who is waiting for the full results to appear in a peer-reviewed journal before joining the bulls on the stock.

Roth’s Jonathan Aschoff, meanwhile, is “not encouraged” by the “very limited” data, and the absence of immune response details. “We are unimpressed that further preclinical work is required, rather than proceeding straight to later stage trials.” He downgrades to Sell from Neutral, continuing with an $11 price target, suggesting more than 50% downside.

The bulls at Maxim – noting a 700% run higher in the stock this year – downgrade to Hold from Buy.

https://seekingalpha.com/news/3587684-inovio-down-nearly-another-10-two-downgrades-hit