Inovio down 5% as Citron Research sees over 80% downside risk

Noted short seller Citron Research sees 83% downside risk (price target = $2) in Inovio Pharmaceuticals (INO -4.9%) on the heels of the FDA's partial clinical hold on its planned Phase 2/3 clinical trial evaluating COVID-19 vaccine candidate INO-4800 and the Cellectra 2000 delivery device.

Citron believes the issue is Chemistry, Manufacturing and Controls data. Specifically, the company switched manufacturers mid-development which prompted the agency to reassess the processes and procedures to ensure that the drug substance is unchanged.

Citron also reminds investors that the company has no track record of advancing products into the marketplace and it lags all of the major vaccine developers.

https://seekingalpha.com/news/3618134-inovio-down-5-citron-research-sees-over-80-downside-risk