- NASDAQ:INO falls 5.38% on Wednesday alongside broader markets.
- Inovio continues to reel as progress on its vaccine candidate remains halted.
- Investors losing patience with Inovio as the biotech firm keeps failing to bring a successful product to market.
NASDAQ:INO has been on the decline since the end of September when the company announced that its once-promising COVID-19 vaccine candidate, INO-4800, had been halted by the FDA. Shares have fallen by 35% over the last month and are now about 65% off of the 52-week highs of $33.79. The stock is now trading below its 50-day and 200-day moving averages, illustrating the downwards spiral that Inovio has performed.
As Inovio’s COVID-19 vaccine candidate’s clinical trials continue to be on pause due to FDA investigations, the Philadelphia-based biotech company continues to fall further behind its industry rivals. Well established firms such a AstraZeneca (NASDAQ:AZN), Moderna (NASDAQ:MRNA), Novavax (NASDAQ:NVAX), and pharmaceutical and consumer good conglomerate Johnson & Johnson (NYSE:JNJ) are just a few of the names that are already in Phase 3 of their respective clinical trials. While Inovio could commence its Phase 2 and eventually Phase 3 trials if or when the FDA allows, the company’s own spotty track record of vaccine candidates may prove to work against it.
Inovio Pharmaceuticals stock tough to trust
At this point, even bargain investors may have a difficult time buying in at this price point with a belief that Inovio can field a legitimate vaccine. Although Inovio always seems to be in the mix when a global virus breakout occurs, it has yet to produce a usable vaccine in over 40 years of operations. With the lack of a legitimate track record as well as the FDA investigations, investors best look elsewhere if they want to invest in a winner of Operation Warp Speed.
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