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Inovio Pharmaceuticals (NASDAQ:INO) Has Soared On COVID-19 Vaccine Hype Despite Deceptive Accusations

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In the wake of the coronavirus pandemic, there has been a rise in smaller entities such as Inovio Pharmaceuticals (NASDAQ:INO) that are on the race to make a vaccine has since soared from insignificance to prominence.

Inivio touted its gene-sequencing technology for fast development of a vaccine

Inovio was among the first companies that jumped on the train to produce a vaccine candidate for the novel coronavirus. The company leveraged its gene-sequencing technology to come up with a vaccine without a physical sample.

Kate Broderick the company’s R&D SVP explained that one of the company’s strengths is moving fast. The company got the gene sequencing on January 10, 2020, and within hours they had a vaccine. Kate explained that the difference with DNA medicines the rate at which they are developed.  This has enabled Inovio to get their vaccine candidate into clinical trials fast as it has already done.

However, this sentiment attracted criticism from the likes of Citron Research accusing the companyof fraudulently and artificially inflating its Stock. As a result, there have been class action suits accusing the biotech of misleading investors.

Inovio expects Phase 1 results this month

Most investors were skeptical regarding this not so well know stock before the pandemic. Following Citron’s accusation the company has since backtracked on the three-hour claim stating that it was a “vaccine construct” it developed. Although in normal circumstances this doesn’t look good it could get away with it as the need for a vaccine becomes imperative.

But Inovio may have some significant upside considering the US is yet to flatten the curve on the number of coronavirus cases. Although the company might have lied about the gene sequencing tech they could likely come up with a vaccine soon.  Currently, the company is conducting Phase 1 clinical trial of its vaccine candidate, and results are expected later this month. Sign up below to receive updates on $INO and other breakout stocks.

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