Aegis Capital affirms Inovio Pharmaceuticals (AMEX: INO) at Buy with a target price of $19 following Q2 results and update released earlier Monday.

Analyst Ram Selvaraju commented, This morning, Inovio reported financial results for the second quarter of 2014. The firm closed the quarter with roughly $109mm in cash, which we continue to project should be sufficient to fund operations into 2017. Inovio reported a net loss per share of $0.18 in the quarter, marginally worse than our projection of a net loss of $0.16 per share. The firm also announced its intent to move ahead with a Phase 3 pivotal trial of its lead DNA vaccine candidate, VGX-3100, in patients with cervical dysplasia. This study is expected to be preceded by an end-of-Phase 2 meeting next year, before formally getting under way in early 2016.

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Inovio Pharmaceuticals closed at $9.96 yesterday.