UPDATE: Piper Jaffray Initiates Inovio Pharmaceuticals at Overweight on DNA Vaccine Outlook

Piper Jaffray initiated coverage on Inovio Pharmaceuticals INO with an Overweight rating and a $1.00 price target. Piper Jaffray noted, "Inovio is developing a novel DNA-based vaccine platform, utilizing proprietary electroporation technology to create robust immune responses. Inovio's vaccines have demonstrated provocative immune responses in early studies against a multiple non-viral oncology targets (prostate, leukemia, breast, lung), as well as several infectious diseases HIV, HCV, HPV, and the flu. Based on earlier validation for producing uncommonly robust T-Cell responses, we are optimistic for the data expected in 4Q13, but note multiple Phase II catalysts expected this year in HCV and leukemia." Inovio Pharmaceuticals closed at $0.67 on Thursday.