Inovio Pharmaceuticals (INO) PT Lowered to $12 at Citizens JMP

Citizens JMP analyst Roy Buchanan lowered the price target on Inovio Pharmaceuticals (NASDAQ: INO) to $12.00 (from $18.00) while maintaining a Market Outperform rating.

The analyst commented, “Inovio reported 4Q/FY24 results slightly ahead of our and consensus estimates, on better-than-anticipated expenses (Figure 1). The company ended the year with $94M and guided to runway into 1Q26. Management is confident it has resolved the stability/manufacturing issue with the Cellectra device, supporting likely BLA acceptance by YE for INO-3107 to treat recurrent respiratory papillomatosis (RRP). We continue to expect an approval via Priority Review and a strong market position based on INO-3107's profile, including recent durability results that improved through three years.”

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