Market Overview

Roth Downgrades Inovio On Valuation Despite Positive MERS Vaccine Data

Roth Downgrades Inovio On Valuation Despite Positive MERS Vaccine Data

Although Inovio Pharmaceuticals Inc (NASDAQ: INO) reported positive interim results from Phase 1 and 2a of its MERS vaccine, the valuation of the stock already reflects this, especially given the increase in share count since the end of 2019, according to Roth Capital Partners.

The Inovio Analyst

Jonathan Aschoff downgraded Inovio stock from Buy to Neutral and maintained a $13 price target.  

The Inovio Thesis

Inovio Pharmaceuticals’ share count will rise by over 10 million shares with its at-the-market capital offering of $150 million, Aschoff said in the Thursday downgrade note. (See his track record here.)

The company has announced solid interim results for its MERS vaccine INO-4700 and is scheduled to present details at the ASGCT conference in mid-May, the analyst said. Yet there are several drug makers, many of which are much larger than Inovio and have global commercial operations, that are working aggressively on COVID-19 therapies, he said.

It may take more than just positive clinical data to “come out among the group that materially benefits from treating the world against this virus,” Aschoff said.

INO Price Action

Inovio shares were down 8.95% at $12.51 at the time of publication Thursday.

Related Links:

Inovio Analysts Project About 24% Upside Potential Amid Optimism On Coronavirus DNA Vaccine

The Daily Biotech Pulse: Inovio's MERS Vaccine Data, Fast Track Designation For Erytech

Latest Ratings for INO

Nov 2020Roth CapitalDowngradesNeutralSell
Nov 2020Roth CapitalUpgradesSellNeutral
Sep 2020Cantor FitzgeraldDowngradesOverweightNeutral

View More Analyst Ratings for INO
View the Latest Analyst Ratings


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