- NASDAQ:INO gains 0.66% during Thursday’s trading session as broader markets sell off.
- Inovio files Form 8-K advising that it has severed ties with distributor VGXI.
- Need for COVID-19 vaccine intensifies as the second wave hits all over the globe.
NASDAQ:INO has struggled to keep up with its competitors over the last month and the situation is not going to get any easier for the Philadelphia-based biotech firm. After a 5% plunge the day before, the stock was able to rebound by 0.66% to close the trading session back up to $12.21, although shares have sold off a bit in after-hours trading. The company continues to tread water as Inovio and its investors await word that the FDA has completed its investigation and given its approval to continue with INO-4800’s clinical trials.
On Thursday, it was reported that Inovio was cutting ties with its long-time distributor VGXI, Inc. Inovio filed a Form 8-K to the SEC which outlines the separation of the two companies. VGXI is a contract DNA Plasmid manufacturer based in Woodlands Texas and was once run by Inovio’s current CEO Dr. J. Joseph Kim. The parting of ways means that Inovio is now on its own to manufacture and distribute any potential vaccine candidates, or seek the services of another manufacturing company.
Inovio Pharmaceuticals Stock
While Inovio still lags its industry rivals in terms of fielding a COVID-19 vaccine candidate, the need for vaccines has intensified over the last couple of weeks as new outbreaks are running rampant all around the world. On Thursday, the WHO issued warnings about complacency in coronavirus protocols amidst rising cases in Europe, as the continent has hit 100,000 new cases each of the last few days. As global cases once again continue to rise, the need for vaccines will be even more desperate heading into 2021.
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