Inovio Pharmaceuticals, Inc. (INO Stock) Price Prediction: Rebounds on new COVID-19 vaccine American deal
- NASDAQ:INO gained 1.72% on Wednesday as new optimism over COVID-19 vaccines arose.
- News of US President Trump ordering another batch of Pfizer doses hit the media.
- Other coronavirus vaccine firms like Moderna agreed to new deals with different countries.
NASDAQ:INO finally saw an end to its recent skid as it rebounded by 1.72% during Wednesday’s trading session and pushed back over the $10 price barrier. The biotech stock has been beaten down over the past month as heavy delays to its clinical trials caused Inovio to fall well behind in the race for a COVID-19 vaccine. Inovio still holds a mean 12-month price target of $13.71 so the recent sell-off by investors could be a little overblown considering the company is still in the process of testing its vaccine candidate.
Speaking of vaccine candidates, many of the pharmaceutical companies involved in Operation Warp Speed rallied on Wednesday as new deals to secure doses of Pfizer (NYSE:PFE) and Moderna (NASDAQ:MRNA) were agreed by the United States and Canada respectively. These deals triggered optimism in investors as the demand for vaccines for the novel coronavirus are still here, despite fear over a new strain of the virus in the United Kingdom. The public is also warming up to receive the covid injections as public figures such as President-elect Joe Biden have already done it on camera.
Inovio Pharmaceuticals, Inc. Stock Price
It is difficult to say whether Inovio is a good investment at this point in time. With every passing day, the firm falls further behind the other companies and there are still no real efficacy results for their vaccine candidate INO-4800. While the world definitely needs more lifesaver shots in the near future, it is difficult to imagine governments reaching for Inovio over the existing, more established vaccines.
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FXStreet
