Inovio Surrenders Some Early Gains After Positive HIV Vaccine Clinical Study

Inovio Pharmaceuticals Inc (NASDAQ:INO) shares are trading higher by $2.00 (28 percent) at $9.13 in Wednesday's session.

The catalyst for the rally is announcement of a clinical study for a HIV vaccine that had nearly 100 percent immune response. The announcement made before the open instigated a spike to $12.00 during pre-market trading, which is a level not seen since November 2014.

However, investors began to unload shares.

By the open of the regular session, Inovio's stock was back at the $9.50 area and has done no better than $9.85 since 9:30 a.m. EST. The decline off that high found intraday support at $8.64 and is now back actively trading in the $9.00 handle.