Why Inovio Pharmaceuticals Stock Zoomed Nearly 6% Higher Today
Sometimes in the biotech world, if a company pulls the plug on one of its research programs, investors respond with relief. That was the case on Friday with Inovio Pharmaceuticals (NASDAQ: INO), following its announcement of the cessation of an experimental coronavirus booster effort.
After market hours on Thursday, Inovio revealed that it has discontinued its self-funded development of INO-4800 as a heterologous booster vaccine aimed at blocking the coronavirus. This followed a "comprehensive" review of various factors connected to the program and the state of the company, including its portfolio and current market conditions.
Almost certainly, the biotech company's decision was swayed by the fact that coronavirus cases, hospitalizations, and deaths have been on the decline in many parts of the world lately. While those declines have slowed notably in recent days, those metrics are still landing in negative territory.
Source Fool.com
