Inovio Pharmaceuticals (INO) PT Lowered to $11 at Stifel

Stifel analyst Thomas Shrader lowered his price target on Inovio Pharmaceuticals (NASDAQ: INO) to $11.00 (from $13.00) after the company announced the FDA has placed a clinical hold on its Phase III program for VGX-310. The firm maintained a Buy rating.

Shrader commented, "Importantly, this clinical hold is not due to any dosing or safety concerns but rather the FDA requesting more information on Inovio’s Cellectra 5PSP immunotherapy delivery device. While a clinical hold is never good, we believe the company and the FDA have already spent considerable time discussing the trial – so there is already familiarity. In addition, given that Inovio’s therapeutics are essentially DNA and water, the requested information is likely straightforward to generate. Inovio previously forecasted initiating the Phase III trial during 4Q16. Now the company estimates it can initiate the trial during 1H17. As a result of this potential six month delay, we are pushing out our estimate of VGX-3100 revenue to late 2019. Accordingly, our price target is reduced from $13 to $11."

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 $8.36 yesterday.

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