Inovio Pharmaceuticals Inc. (INO) Upgraded at Zacks Investment Research
Inovio Pharmaceuticals Inc. (NASDAQ:INO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Inovio got a boost with the initiation of the second study on its preventive Zika vaccine, GLS-5700, in Puerto Rico. The first study on the Zika vaccine is already underway in the U.S. and Canada. Meanwhile, 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 later this year. Further, we are pleased with the company’s collaborations with other companies and institutes for pipeline development. The loss estimates have gone down lately ahead of the company’s Q3 earnings release. The company has a mixed record of earnings surprises in recent quarters. However, Inovio depends largely on government grants and contracts for the development of its candidates. Inability to secure sufficient funding could hinder pipeline progress. Termination of the agreement with Roche for INO-1800 is also concerning.”
Other equities research analysts also recently issued research reports about the stock. Vetr downgraded shares of Inovio Pharmaceuticals from a “strong-buy” rating to a “buy” rating and set a $11.11 price objective for the company. in a research report on Monday, August 1st. HC Wainwright reissued a “buy” rating and set a $17.00 price objective on shares of Inovio Pharmaceuticals in a research report on Saturday, August 13th. Maxim Group downgraded shares of Inovio Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday, August 9th. Brean Capital set a $18.00 price objective on shares of Inovio Pharmaceuticals and gave the stock a “buy” rating in a research report on Monday, August 8th. Finally, Piper Jaffray Cos. reissued an “overweight” rating and set a $31.00 price objective on shares of Inovio Pharmaceuticals in a research report on Monday, August 8th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Inovio Pharmaceuticals has a consensus rating of “Buy” and a consensus price target of $16.39.
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Inovio Pharmaceuticals (NASDAQ:INO) traded down 0.9516% on Wednesday, reaching $8.1913. The company had a trading volume of 206,709 shares. Inovio Pharmaceuticals has a 12 month low of $4.50 and a 12 month high of $11.69. The stock’s market capitalization is $602.45 million. The firm has a 50-day moving average of $9.20 and a 200-day moving average of $9.61.
Inovio Pharmaceuticals (NASDAQ:INO) last posted its earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.26) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by $0.05. The firm earned $6.20 million during the quarter, compared to analyst estimates of $4.95 million. Inovio Pharmaceuticals had a negative return on equity of 22.29% and a negative net margin of 88.19%. The company’s revenue for the quarter was up 17.0% on a year-over-year basis. During the same quarter last year, the business posted ($0.09) earnings per share. On average, equities research analysts expect that Inovio Pharmaceuticals will post ($0.93) earnings per share for the current fiscal year.
In related news, COO Niranjan Sardesai sold 21,800 shares of the firm’s stock in a transaction on Monday, August 29th. The shares were sold at an average price of $9.30, for a total value of $202,740.00. Following the completion of the transaction, the chief operating officer now owns 70,234 shares of the company’s stock, valued at $653,176.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 9.90% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Janney Montgomery Scott LLC increased its position in shares of Inovio Pharmaceuticals by 13.0% in the second quarter. Janney Montgomery Scott LLC now owns 15,250 shares of the biopharmaceutical company’s stock worth $102,000 after buying an additional 1,750 shares during the period. Raymond James & Associates increased its position in shares of Inovio Pharmaceuticals by 9.8% in the second quarter. Raymond James & Associates now owns 11,313 shares of the biopharmaceutical company’s stock worth $105,000 after buying an additional 1,013 shares during the period. Quantbot Technologies LP increased its position in shares of Inovio Pharmaceuticals by 3,878.4% in the second quarter. Quantbot Technologies LP now owns 11,617 shares of the biopharmaceutical company’s stock worth $107,000 after buying an additional 11,325 shares during the period. Acrospire Investment Management LLC increased its position in shares of Inovio Pharmaceuticals by 94.3% in the second quarter. Acrospire Investment Management LLC now owns 12,108 shares of the biopharmaceutical company’s stock worth $112,000 after buying an additional 5,875 shares during the period. Finally, Highbridge Capital Management LLC purchased a new position in shares of Inovio Pharmaceuticals during the second quarter worth approximately $113,000. 28.59% of the stock is owned by institutional investors.
Inovio Pharmaceuticals Company Profile
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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