Zacks Investment Research Downgrades Inovio Pharmaceuticals Inc. (INO) to Sell
Inovio Pharmaceuticals Inc. (NASDAQ:INO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Inovio, a development-stage biopharmaceutical company, is focused on the development of treatments targeting various cancer forms and infectious diseases. Inovio received a huge setback when Roche decided to discontinue its collaboration with the company for the development of hepatitis B DNA immunotherapy, INO-1800. Following the decision, the company has resolved to develop INO-1800 independently. We note that being a development-stage company, Inovio depends largely on government grants and contracts for the development of its candidates. Thus, inability to secure sufficient funding could hinder its pipeline progress. Moreover, most of Inovio’s pipeline candidates are in early stages of development and thus, quite a few years away from entering the market, if at all. However, we are positive on the company’s progress with its lead cancer candidate, VGX-3100, which is expected to move into a late-stage study late in 2016.”
Several other equities research analysts have also recently issued reports on the stock. HC Wainwright initiated coverage on shares of Inovio Pharmaceuticals in a research note on Monday, August 29th. They set a “buy” rating and a $17.00 price target on the stock. Maxim Group reissued a “hold” rating on shares of Inovio Pharmaceuticals in a research report on Thursday, August 18th. Brean Capital set a $18.00 target price on shares of Inovio Pharmaceuticals and gave the stock a “buy” rating in a research report on Monday, August 8th. Piper Jaffray Cos. reissued an “overweight” rating and issued a $31.00 target price on shares of Inovio Pharmaceuticals in a research report on Monday, August 8th. Finally, Vetr downgraded shares of Inovio Pharmaceuticals from a “strong-buy” rating to a “buy” rating and set a $11.11 price target for the company. in a report on Monday, August 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $16.39.
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Inovio Pharmaceuticals (NASDAQ:INO) traded up 2.595% on Tuesday, reaching $9.449. 544,018 shares of the company’s stock traded hands. The firm’s market capitalization is $694.96 million. The stock has a 50-day moving average of $9.14 and a 200 day moving average of $9.36. Inovio Pharmaceuticals has a 52 week low of $4.50 and a 52 week high of $11.69.
Inovio Pharmaceuticals (NASDAQ:INO) last released its quarterly earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.26) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by $0.05. Inovio Pharmaceuticals had a negative return on equity of 22.29% and a negative net margin of 88.19%. The firm had revenue of $6.20 million for the quarter, compared to analyst estimates of $4.95 million. During the same period in the prior year, the business earned ($0.09) earnings per share. Inovio Pharmaceuticals’s revenue for the quarter was up 17.0% on a year-over-year basis. On average, equities analysts expect that Inovio Pharmaceuticals will post ($0.93) EPS for the current fiscal year.
In other Inovio Pharmaceuticals news, Director Morton Collins purchased 10,000 shares of the company’s stock in a transaction on Tuesday, June 28th. The shares were purchased at an average cost of $9.13 per share, for a total transaction of $91,300.00. Following the completion of the transaction, the director now owns 142,291 shares in the company, valued at $1,299,116.83. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Niranjan Sardesai sold 21,800 shares of the business’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $9.30, for a total transaction of $202,740.00. Following the completion of the sale, the chief operating officer now owns 70,234 shares in the company, valued at $653,176.20. The disclosure for this sale can be found here. 9.90% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of the company. ProShare Advisors LLC increased its stake in Inovio Pharmaceuticals by 0.5% in the second quarter. ProShare Advisors LLC now owns 62,527 shares of the biopharmaceutical company’s stock valued at $578,000 after buying an additional 310 shares during the last quarter. Raymond James & Associates increased its stake in Inovio Pharmaceuticals by 9.8% in the second quarter. Raymond James & Associates now owns 11,313 shares of the biopharmaceutical company’s stock valued at $105,000 after buying an additional 1,013 shares during the last quarter. BlackRock Group LTD increased its stake in Inovio Pharmaceuticals by 4.6% in the second quarter. BlackRock Group LTD now owns 23,081 shares of the biopharmaceutical company’s stock valued at $213,000 after buying an additional 1,017 shares during the last quarter. Teachers Advisors Inc. increased its stake in Inovio Pharmaceuticals by 0.7% in the second quarter. Teachers Advisors Inc. now owns 148,647 shares of the biopharmaceutical company’s stock valued at $1,373,000 after buying an additional 1,067 shares during the last quarter. Finally, Tocqueville Asset Management L.P. increased its stake in Inovio Pharmaceuticals by 1.7% in the second quarter. Tocqueville Asset Management L.P. now owns 71,600 shares of the biopharmaceutical company’s stock valued at $662,000 after buying an additional 1,200 shares during the last quarter. Hedge funds and other institutional investors own 28.58% of the company’s stock.
About Inovio Pharmaceuticals
Inovio Pharmaceuticals, Inc (Inovio) is a bio-pharmaceutical company, which is involved in developing deoxyribonucleic acid (DNA) immunotherapies and vaccines focused on treating and preventing cancers and infectious diseases. The Company’s DNA-based immunotherapies, in combination with its electroporation delivery devices, generates immune responses, in particular T cells, in the body to fight target diseases.
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