INO Stock News: Inovio Pharmaceuticals Inc set to extend bullish surge amid coronavirus contract, team boost
- Inovio Pharmaceuticals Inc is on course to extend its gains after a 30% surge on Thursday.
- NASDAQ: INO shares are benefiting from the coronavirus contract the firm signed with the DOD.
- The team's expansion is also boosting the firm.
Inovio Pharmaceuticals Inc is at the forefront of battling the COVID-19 pandemic – and is making headway. The Department of Defense has signed a contract with the Plymouth Meeting, Pennsylvania based firm regarding its development of vaccines for the disease that is raging around the world.
The contract is worth $71 and also serves as a seal of approval for the firm's efforts in battling coronavirus. It will allow the rapid production of the CELLECTRA 3PSP and CELLECTRA 2000 devices which allow administering the vaccine directly to the skin. Syringes have an expiry date while these devices can be safely stockpiled.
The INO-4800 vaccine has been in human trials since late April.
Gene Kim will join the team, spearheading the development of business in Asia, a rising market. Dr. Mammen (Anza) Mammen, who led the Pandemic Warning Team at the aforementioned DOD, will take care of the firm's clinical operations. These two recruits could boost the company forward.
Inovio Pharmaceuticals Stock
Shares have been surging in recent days, including a leap of 30.92% on Thursday. After closing at $31.25, NASDAQ: INO is up to some 5% and trades at $33 in Friday's pre-market trading.
NASDAQ: INO is already at 16-year highs, and around double the pre-surge levels. Before coronavirus, Inovio traded around $5. After this near seven-fold rise, will it correct or continue higher?
