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Why Are Inovio Shares Plummeting Today

By Vandana Singh
  • Joseph Kim, the longtime CEO of Inovio Pharmaceuticals Inc (NASDAQ:INO), is stepping down to make room for Jacqueline Shea, who first joined Inovio as COO in 2019.
  • Shea will be overseeing a change in direction as Inovio, a laggard in the COVID-19 vaccine race, has closed a Phase 3 trial in favor of a booster strategy.
  • "We look forward to Dr. Shea taking the helm during a particularly challenging period in INOVIO's history," board chairman Simon X. Benito said.
  • Inovio said it will now focus on testing INO-4800 as a booster to other vaccines (making it a "heterologous" booster) rather than a primary series vaccine option.
  • Related: Lab Study Shows Inovio's COVID-19 Vaccine Candidate Weaker Against Omicron Variant.
  • Meanwhile, Inovio revealed it's also changing directions with VGX-3100 for HPV-16/18-associated cervical high-grade squamous intraepithelial lesions. 
  • The FDA advised the company to conduct another trial to confirm its hypothesis that the immunotherapy works for a biomarker-selected subgroup.
  • Given an additional trial, Inovia no longer expects to submit a marketing application in 2023 for VGX-3100.
  • Price Action: INO shares are down 31.7% at $1.70 during the market session on the last check Wednesday.
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Dive Deeper:
Why Veru Shares Are Soaring Today Premarket
In a Pre-EUA meeting, FDA said Veru Inc (NASDAQ:VERU) should submit a request for FDA emergency use authorization for sabizabulin in hospitalized COVID-19 patients.…
Why Bitcoin Gold Is Plummeting Today
Shares of several popular altcoins, including Bitcoin Gold (CRYPTO: BTG), are trading lower in sympathy with apex cryptocurrency Bitcoin (CRYPTO: BTC) and…
Why Workhorse Shares Are Rising Today
Workhorse Group Inc (NASDAQ: WKHS) shares are trading higher by 3.94% at $2.64. The company Tuesday morning reported first-quarter earnings results.
Why IGT Shares Are Surging Today
International Game Technology (NYSE:IGT) reported first-quarter FY22 revenue growth of 4% year-on-year to $1.05 billion, above the consensus of $1.04 billion. Revenue from…
One subscription that gives you access to news from hundreds of sites
Why Wendy's Shares Are Plunging Today
Wendy's Co (NASDAQ:WEN) reported first-quarter FY22 sales growth of 6.2% year-on-year to $488.6 million, missing the consensus of $497.1 million. Adjusted revenues increased…
Why Apple Shares Are Diving Today
Shares of several companies in the broader technology sector, including Apple Inc (NASDAQ: AAPL), are trading lower amid continued volatility as…
Get all your news in one place