Inovio Pharmaceuticals alongside Moderna are edging close to providing a vaccine for the novel coronavirus. However, Inovio (INO) stock is down these days.
Inovio Pharmaceuticals Inc (NASDAQ: INO) alongside Moderna Inc (NASDAQ: MRNA) and Johnson & Johnson (NYSE: JNJ) have been under close monitor since the search of a vaccine for the novel COVID-19 virus has been required. The virus has infected not lesser than 1.9 million people leaving around 120,000 people dead.
Currently, Inovio’s COVID-19 vaccine has passed for human trials as the firm’s stock has risen 150% since it began operations to date. As of January 30, the firms stock traded at about $4.86 and now trades at around $7.72, having lost around 5% although it keeps rising as coronavirus continues to ravage without a cure yet. The situation could change soon, however, thanks to firms like Inovio.
Inovio’s COVID-19 vaccine INO-4800 in Human Trial Phase
Inovio partnered with Beijing Advaccine Biotechnology Company to develop its COVID-19 vaccine, INO-4800, which is now being tested on humans. Before the development of INO-4800, Inovio Pharmaceuticals got a lot of help as it worked to achieve the potential vaccine.
Inovio already teamed up with Ology Bioservices, a private firm focused on the development and manufacturing of vaccines as both firms got a grant worth $11.9 million from the Department of Defense (DOD) to expedite the production of its potential vaccine for the novel coronavirus.
The firm announced the commencement of clinical trial for its vaccine on April 6. The testing involves 40 healthy adult volunteers who will receive two doses of the vaccine each four weeks apart and will test the safety of the vaccine as well as its ability to trigger an immune response in the body.
However, in the search for a vaccine for the novel coronavirus, Inovio Pharmaceuticals is just behind Moderna, who began the clinical test of its potential vaccine on March 16. Moderna’s trial requires 45 health adult volunteers to test how safe the vaccine is, side effects, and how well it would trigger an immune response to the virus.
It can not be ascertained at this point the firm whose potential vaccine would be a real cure to the novel virus as even if Inovio’s vaccine becomes the first cure, other pharmaceutical firms will also in no time flood the market with their vaccines too.
Inovio (INO) Is Becoming a Multimillionaire-maker Stock, How Is It Possible?
Currently, the pharmaceutical firm does not have any product in the market as the firm is only working in developing its vaccines and treatments. As a result, the firm is only able to generate little revenue as the company remains unprofitable now.
In 2019, the company recorded total revenue of $4.1 million, recording a loss of $111.1 million and a net loss of $120.6 million.
The firm’s stock is subjected to similar risk as other biotech firms, including regulatory hurdles and a negative result from clinical trials.
Inovio also does not have any promising product prompting analysts to posit that it is too early to say if the firm will be a multimillionaire stock in the long run. Yesterday, Inovio (INO) stock closed at $7.76. Today, as the market opened, it is 1% down.