UPDATE: Aegis Capital Corp. Reiterates Hold Rating, $2.50 PT on Inovio Pharmaceuticals Following Solid 3Q 2013 Results

In a report published Wednesday, Aegis Capital Corp. analyst Raghuram Selvaraju reiterated a Hold rating and $2.50 price target on

. In the report, Aegis Capital Corp. noted, “Yesterday, Inovio Pharmaceuticals reported financial results for the quarter ended September 30, 2013. The firm finished this period in a stable financial position, with roughly $46.2mm on the balance sheet, and subsequently received $11.1mm in additional funds, including an upfront payment from a corporate partnership. We anticipate that this amount should fund operations into 2016, barring more milestone payments from strategic partnerships and other licensing revenue. The third quarter was transformative, marked by a partnership deal with Roche Holding (RHHBY/PNK, Not Rated) in September for a $10mm upfront payment, up to $412.5mm in future development-, regulatory- and sales-related milestones, and ascending royalties on net sales that could reach double-digit levels. We expect positive data from the firm's cervical cancer vaccine Phase 2 study in the coming months; however, we believe that Inovio shares currently represent a relatively neutral risk/reward proposition and would look for encouraging signs of efficacy from the cervical cancer trial or a more attractive entry point before becoming more bullish. We reiterate our Hold rating and 12-month price target of $2.50 per share.” Inovio Pharmaceuticals closed on Tuesday at $1.75.