Why Inovio Pharmaceuticals Is Cratering Today
Inovio Pharmaceuticals (NASDAQ: INO), a DNA-based immunotherapy and vaccine company, is having another wild trading session Tuesday morning. Out of the gate, Inovio's stock shot up by 10.7% on heavy volume. But within a matter of minutes, the biotech quickly reversed course, with its shares now down by 30% as of 10:12 a.m. EDT.
What's behind this whipsaw action in Inovio's stock? Inovio's shares were up by a stately 327% for the year as of last Friday. Investors were bidding up this tiny biotech in response to the hype surrounding its experimental COVID-19 vaccine, dubbed INO-4800. Specifically, the company previously announced that it had developed a viable vaccine candidate within just three hours of the publication of the virus' genetic sequence. As the world is clamoring for a COVID-19 vaccine, Inovio, in theory at least, may have a veritable goldmine on its hands.
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