UPDATE: Inovio Pharmaceuticals (INO) PT Raised to $45 at Cantor Fitzgerald
(updated to add analyst comments)
Cantor Fitzgerald analyst Charles Duncan raised its price target on Inovio Pharmaceuticals (NASDAQ: INO) to $45.00 (from $17.00) while maintaining an Overweight rating.
The analyst commented, ". We reiterate our Overweight rating and are raising our PT to $45 from $17 per share on INO. We recently hosted Inovio for investor meetings. As a result of our due diligence, from which we gleaned incremental updates on ongoing clinical programs for its COVID-19 vaccine candidate INO-4800 and its most clinically advanced therapeutic, VGX-3100 for cervical dysplasia, we have enhanced conviction about the broad potential of Inovio’s platform. Adding to our long-standing thesis (note here), and in the context of proprietary delivery technology that we now see as itself having broad potential, we look for additional evidence from human and NHP studies to demonstrate the company’s candidates' ability to stimulate a “balanced” immune response (humoral and cellular) that may enable differentiating clinical utility in both prophylactic and therapeutic settings. With early data likely next week from Inovio’s COVID-19 P1 study, to be followed by preclinical challenge-study data this summer, we think that the company will soon transition to a capital-efficient P2/3 to start in 3Q, with initial case-rate results by YE20, thus fueling additional institutional and possibly strategic investor interest."