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Stifel Keeps Inovio Pharma (INO) at 'Buy' Following Q1 Report; Cash Position Expected to Remain Firm on New Grants

May 9, 2016 12:44 PM EDT
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Price: $13.88 +6.52%

Rating Summary:
    8 Buy, 7 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 11 | New: 11
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Stifel affirms Inovio Pharma (Nasdaq: INO) with a Buy rating and $13 price target after the copany reported Q1 EPS of ($0.11), which was $0.03 better than the analyst estimate of ($0.14). Revenue for the quarter came in at $8.1 million versus the consensus estimate of $4.75 million.

Analyst Thomas Shrader commented: Inovio reported 1Q16 numbers including revenues of $8.1 million (principally based on a DARPA grant for an Ebola vaccine) and a cash and short-term investments position of $146.8 million. The company continues to offset expenses with grant revenue – and some kind of Zika-related grant seems likely in the reasonably near future. As a result, we expect the current cash position will certainly last 2-3 years or possibly longer depending on the details of the upcoming Phase III trial for VGX-3100. Details of this trial are now more final after company’s end-of-phase II meeting with the FDA in 2Q16. The company does not yet have written agreement on the endpoints or minutes from the FDA meeting but based on the discussion we believe the company still expects a primary endpoint of regression of CIN2/3 grade cervical dysplasias to grade CIN1 or normalization.

For an analyst ratings summary and ratings history on Inovio Pharmaceuticals click here. For more ratings news on Inovio Pharmaceuticals click here.

Shares of Inovio Pharmaceuticals closed at $8.96 last Friday.



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