Shares of Inovio Pharmaceuticals, Inc. (INO) stock were rising in the pre-market trading session today after dropping as much as 30% during the last trading session. INO price saw a push of 0.58% to reach $6.89 a share at the time of this writing. INO dropped by 24.97% at the previous closing with a $6.85 per share price. Let’s see the reason behind this bull.
Today’s bullish sentiment has nothing to do with any good news related to INO stock. There are no signs of analyst upgrades or increased targeted per share price of the INO to justify the rising behavior of INO stock. However, INO stock faced a massive drop of 30% during the last trading session after the announcement on Friday, April 23, 2021, that it’s funding for late-stage study testing of COVID-19 vaccine candidate has been stopped by the U.S government due to the excessive availability of authorized vaccine in the country. However, funding for the ongoing mid-stage study testing will continue for the vaccine candidate of INO by the U.S government.
The stopping of the fund for the late-stage study testing of a COVID-19 vaccine candidate resulted from the changing environment of COVID-19 amid the rapid development of vaccines and does not reflect the awardee or product. Moreover, this decision is also not a reflection of any data released for the INO-4800 vaccine. INO stock will continue to perform other operations with the U.S. government without any effect.
Inovio is planning for a late-stage global study with its global collaborators INOVIO’s China partner, Advaccine, and the International Vaccine Institute (IVI,) based on the upcoming results related to safety and immunogenicity from mid-stage trial.
Inovio Pharmaceuticals, Inc:
Inovio Pharmaceuticals, Inc is a biotechnology company focused on the treatment of human papillomavirus (HPV) related diseases via the development of DNA medicines. INO stock has also been working on the development and commercialization of medicines to treat cancer and various infectious diseases. INO stock having a market cap of 1.908B was founded in 1979 and its headquarters is in Plymouth Meeting, Pennsylvania.
The INO stock price is rising in the stock market today despite the absence of any good news related to it.INO stock experienced a massive drop in the previous trading session. Sometimes investors take it as the opportunity to purchase shares of a particular stock at a lower price considering the long-term benefits. In short deep fundamental and technical analysis is necessary before adding INO stock to the portfolio.