Inovio(INO) shares continue to plummet in pre-market hours
Shares of INO fell more up to 34% on Friday, as analysts begin to measure the value and latest earning of this pharmaceutical company. The company announced that it is developing a vaccine called INO-4800 to counter the rapid spreading disease called COVID-19.
How is the company looking for the future? Inovio is currently in preclinical studies, and wants to advance their clinical trials within the next 2-3 months. The company has raised up to $9 million dollars in funding fro the Coalition for Epidemic Preparedness Innovations in order to develop a smart device to use to inject the vaccine.
After Thursdays market hours, investors begin to realize that Inovio is still a family small biotech with no products that have been approved. Inovio posted a net loss of 437.7 million for the fourth quarter. Revenue was nearly $279,000 short of the previous year.
Analyst are impressed with the companies technology and research outside of the COVID-19. Inovio has 15 different DNA medicines in various stages of development that aim to cure, treat, or protect from diseases such as cancer, HPV, and infectious diseases.
Overall, Inovio has nothing but progress planned for the future. The company has had successful every quarter exceeding earnings. Inovio shares are up 99% in the last 12 months.
March 16, 2020