Why Dynavax Technologies, Heat Biologics, and Inovio Pharmaceuticals Are Cratering Today
Shares of the COVID-19 vaccine companies Dynavax Technologies (NASDAQ: DVAX), Heat Biologics (NASDAQ: HTBX), and Inovio Pharmaceuticals (NASDAQ: INO) all opened Tuesday's trading session down by more than 10%. While company specifics vary, the central theme behind these downward moves appears to be the news that Russia approved the world's first COVID-19 vaccine, dubbed Sputnik-V, today.
In response to this unexpected news, Heat Biologics' shares are currently off by 11.8%, Dynavax's stock is down by 9.7%, and Inovio Pharmaceuticals' equity is in the red by a noteworthy 21% as of 10:13 a.m. EDT Tuesday.
Image Source: Getty Images.
Source Fool.com
