Why Inovio Pharmaceuticals Stock Is Jumping Today

Shares of Inovio Pharmaceuticals (NASDAQ: INO) were jumping 8.9% as of 11:09 a.m. EDT on Wednesday after rising as much as 23.6% earlier in the day. Investors appear to be more confident about Inovio's potential to receive federal funding for its COVID-19 vaccine candidate INO-4800 after two developments on Tuesday.

First, Inovio announced that it had signed a letter of intent with Thermo Fisher Scientific (NYSE: TMO) to manufacture 100 million doses of INO-4800 in 2021. Second, AstraZeneca (NYSE: AZN) revealed that it has temporarily paused a late-stage clinical study of its coronavirus vaccine candidate AZD1222 after a participant experienced a severe adverse reaction.

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Source Fool.com