Why Inovio Pharmaceuticals Is Losing Steam Today
Shares of the developmental vaccine and immunotherapy company Inovio Pharmaceuticals (NASDAQ: INO) fell by as much as 15.8% right out of the gate Thursday morning. This double-digit decline marks a sharp trend reversal for the small-cap biotech.
Following an investor presentation last Monday, Inovio's shares jumped by a remarkable 83.7% over the first three trading days of the week. Investors seemingly piled into this biotech stock this week in the hopes of getting in before the company lands a large grant for its COVID-19 vaccine candidate, INO-4800.
Inovio's shares have battled back from this rough start to Thursday's trading session, but they are still down by 5.4% as of 10 a.m. EDT.
Source Fool.com
