Inovio Pharmaceuticals Inc (NASDAQ: INO) was one of the top gainers in yesterday’s session and closed the day with gains of 69.70%. This came after the company announced that it was accelerating the development of a vaccine for COVID-19.
Inovio Pharmaceuticals is the only company that currently has a phase 2 vaccine for the coronavirus known as MERS. It was also instrumental during the Zika and Ebola outbreaks. Back in January, the CEO Dr. J. Joseph Kim told the U.S Coronavirus Task Force that the company came up with a design for INO-4800 in just 3 hours, after getting the genetic sequence. He added that, the company immediately started preclinical tests and manufacturing, and that it has already shared detailed data on the same with the public and its partners. He further added that the company will start clinical trials in April. The trials will start in the U.S, followed by China, Korea and other countries that are most affected.
The company’s plans have received significant support from experts. According to analyst Jason McCarthy Ph.D., Inovio possibly has the best option for a COVID-19 vaccine. McCarthy stated that the company’s speed in developing INO4800 was a demonstration of its capability to respond to emergencies. McCarthy further added that Inovio had consistently received non-dilutive grant funding for its vaccines from CEPI (Coalition for Epidemic Preparedness Innovations).
Besides speeding up its vaccine development, Inovio has also announced that it expects to deliver a million doses of vaccine by the end of 2020 and that it has the resources to do it. Nonetheless, the company stated that it will need more resources to produce the vaccine at a bigger scale.
Looking at its price action, INO is gaining upside momentum. The stock opened the day at $55.12 and traded between a low of $4.84 and a high of $7.48 before closing the day at $7.45. Volumes in the day stood at 121.31 million.
About Inovio Pharmaceuticals Inc
Inovio Pharmaceuticals Inc is a biotech company focused on immunotherapies and cancer vaccines. It is based in Plymouth Meeting, Pennsylvania.