Inovio Pharmaceuticals Inc (NASDAQ:INO) has been in the news recently due to its work regarding a coronavirus vaccine, and the stock performed impressively as well. However, INO had a setback last Friday after Inovio’s financial results for the fourth quarter proved to be a disappointment.
The early-stage biotech company reported meager revenues, but its net losses widened significantly. Revenues for the period stood at $279000, which is a major drop from the $2.5 million it generated in revenues in the year-ago period. On the other hand, the net losses in the quarter rose to $37.7 million from $33 million in the same quarter in 2018.
Multiple Products in Pipeline
After the announcement of the results, the stock declined by as much as 28%, and it remains to be seen whether it can recover today. Although Inovio does not yet have a product in the market, it should be noted that the company has several products in the pipeline.
The most notable among those is INO 4800, which is meant as a vaccine for coronavirus. While the stock did tank on Thursday, it should be noted that on Wednesday, it had enjoyed an impressive rally and soared by as much as 48.9%.
There was no news regarding the company, but it seems that it bounced back after having tanked on Tuesday following a short-seller report. Citron Research tweeted on Tuesday that the United States Securities and Exchange Commission should stop trading on the stock and launch an investigation into Inovio’s claims with regards to INO 4800. Citron stated that the company’s claim that it had created the vaccine in three hours is “ludicrous and dangerous.” The firm went on to state that the Inovio stock would eventually crash to $2. Following the tweet, there was a selloff in the stock, and it nosedived by as much as 35%. Investors could keep an eye on the stock in the near term.
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Disclosure: we hold no position in $INO, either long or short, and we have not been compensated for this article.