Shares of biotechnology firm Inovio Pharmaceuticals (INO) lost 4.2% in early trading hours on Tuesday as the company’s second-quarter 2021 revenues and earnings fell short of expectations. Inovio develops and sells DNA-based vaccines and immunotherapies.
The company reported a loss of $0.39 per share, wider than the Street’s loss estimate of $0.25 per share but smaller than the year-ago loss of $0.83 per share. Total revenue stood at $273,000, up from $267,000 reported in the second quarter of 2020 but missing analysts’ expectations of $1.21 million. (See Inovio stock chart on TipRanks)
Revenue under collaborative research and development arrangements amounted to $82,923, up from $74,102 in the previous year. Revenue under collaborative research and development arrangements with affiliated entities totaled $74,787, down from $95,146. Other revenue increased to $115,114 from $97,939 in the same period of 2020.
The President and CEO of Inovio, J. Joseph Kim, said, “In parallel with our global INNOVATE Phase 3 trial, we continue to prepare Inovio’s next-generation, pan-COVID vaccine candidate, INO-4802, in a Phase 1/2 trial entitled IMPACT (Inovio INO-4802 Multi-variant Pan-COVID-19 Vaccine Trial), where the goal is to induce cross-reactive immune responses against current and emerging viral variants as either a first-line vaccine or as a boost.”
Last month, Oppenheimer analyst Hartaj Singh reiterated a Buy rating on the stock with a price target of $35. The analyst said, “We believe investors are not giving INO enough credit for VGX-3100 and stay bullish on the name.”
Overall, the stock has a Moderate Buy consensus based on 2 Buys and 5 Holds. The average Inovio Pharmaceuticals price target of $9.60 implies that shares are fully valued at current levels. The stock has lost 49.5% over the past year.
Related News:
SciPlay Shares Jump 6.8% on Better-Than-Expected Q2 Results
Dish Network Q2 Results Beat Estimates
Air Products Reports Mixed Q3 Results; Shares Tank 5.2%
