- Inovio Pharmaceuticals Inc (NASDAQ: INO) has seen its stock price surge since February 2020. These are the details about why this is happening.
Inovio Pharmaceuticals Inc (NASDAQ: INO) is a late-stage biotechnology company that engages in the discovery and commercialization of DNA-based immunotherapies and vaccines. And the firm’s drug candidates include SynCon immunotherapies helps break the immune system’s tolerance of cancerous cells. And its CELLECTRA delivery system facilitates optimized cellular uptake of the SynCon immunotherapies.
Since February 2020, Inovio’s stock price started to surge. The stock price is up about 88% in the past 5 days, up about 107% in the past month, up about 279% in 3 months, up about 663% in the past 6 months, up about 748% year-to-date, up about 806% in the past year, and up about 222% in the past 5 years.
Investors have been capitalizing on Inovio’s jump in the stock price due to favorable data from the earliest results of its vaccine trials. And earlier this week, Inovio announced it received $71 million from the U.S. Defense Department to ramp up the production its smart devices that administer its INO-4800 experimental coronavirus vaccine into the skin.
The DoD contract — from the Joint Program Executive Office for Chemical, Biological, Radiological and Nuclear Defense (JPEO-CRBND-EB) through funding provided by the Defense Health Program — builds upon two separate prior $5 million grants from the Bill & Melinda Gates Foundation and the Coalition for Epidemic Preparedness Innovations (CEPI) to accelerate the testing of CELLECTRA 3PSP. The initial development of the next-generation CELLECTRA 3PSP smart device started in 2019 with $8.1 million in funding from the medical arm of the U.S. Defense Threat Reduction Agency’s Medical CBRN Defense Consortium.
The government has set up a project called “Warp Speed,” which is aiming to provide a COVID-19 vaccine at scale by the end of the year.
Inovio’s Cellectra 3PSP is a handheld device that is powered by AA batteries. When INO-4800 is delivered into the skin, the vaccine prompts the immune system to respond. And last month, Inovio noted that INO-4800 was showing promise by producing antibodies in mice and guinea pigs. Then the FDA cleared the vaccine for testing in April.
INOVIO is now preparing for U.S. Phase 2/3 efficacy this summer