Piper Affirms Inovio Pharma (INO) at 'Overweight' Amid Increasingly Visible Clinical Progress
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Piper Jaffray affirms Inovio Pharma (NASDAQ: INO) with an Overweight rating and $31 price target following Q2 results reported earlier Monday.
Analyst Charles Duncan summarized:
Today Inovio reported 2Q16 financials, ending the quarter with $134.5M in cash. We project this cash will fund pipeline progress through 1H18, inclusive of significant progress on the soon-to-start Phase III in cervical dysplasia and advancement to late-stage trials for a broadening set of infectious disease and oncology programs including Zika, MERS, cervical cancer (with MedImmune), and potentially other tumors. Next up in 2016, our focus is on CD Phase III study design details, which we anticipate to be risk-reduced by similarities to the successful Phase IIb and to increase visibility on the path (time, capital requirements) to market for this lead program. We could also see 4Q value creation by data from Inovio’s Phase I, but high-profile Zika program, as well as Phase I’s in MERS, prostate and H&N cancer. In advance of increasingly visible clinical progress expected across the platform over the next 12 months, we reiterate OW.
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