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Inovio (INO) Q4 Loss Wider than Expected; Shares Decline
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Inovio Pharmaceuticals, Inc.(INO - Free Report) reported a loss of 36 cents for the fourth quarter of 2016. The Zacks Consensus Estimate was of a loss of 29 cent per share. In the year-ago quarter, the company had posted loss of 25 cents.
Shares fell 5.4% in after-market trading. In fact, shares of Inovio have underperformed the Zacks classified Medical-Biomed/Genetics industry so far this year. The stock lost 1.0% during the period, while the industry registered a rise of 9.7%.
Quarter in Details
Inovio reported revenues of $8.5 million in the fourth quarter, which surpassed the Zacks Consensus Estimate of $6.6 million. Moreover, revenues grew 44% from the year-ago period.
Research and development expenses increased 53.2% to $23.9 million while general and administrative expenses increased 42.86% to $7.0 million.
Full-Year 2016 Results
Full-year 2016 loss per share was $1.01 per share, wider than the Zacks Consensus Estimate of a loss of 94 cents. In the year-ago period, the company had reported a loss of 43 cents.
Full-year 2016 revenues came in at $35.4 million, a decline of 12.81% from the year-ago period, primarily due to upfront payment of $15 million from MedImmune, the global biologics research and development arm of AstraZeneca PLC (AZN - Free Report) in 2015.
Pipeline Update
VGX-3100, an HPV immunotherapy, is the most advanced candidate in the company’s pipeline being developed for the treatment of HPV-16/18-related high-grade cervical dysplasia.
In Jan 2017, the company announced a collaboration and license agreement with China’s ApolloBio Corporation to exclusively develop and commercialize VGX-3100 in Greater China. Also, Inovio has submitted a regulatory package to the FDA for the initiation of phase III study on VGX-3100 for HPV-related high grade cervical dysplasia, which was placed on clinical hold in Oct 2016
In 2016, Roche Holding AG (RHHBY - Free Report) discontinued its collaboration for INO-1800, a hepatitis B DNA immunotherapy. This may have an impact on Inovio’s revenues as Roche was a significant customer in 2016. The enrolment of candidates has been completed for the phase I study, which is now being carried out independently by Inovio after Roche backed out.
The company expects to begin a phase I/II study for its immuno-oncology combination clinical study of INO-3112 and a new universal cancer vaccine, INO-5401 in the second half of 2017.
Inovio has started enrolment in a phase I study on vaccines being developed for Ebola, Zika and Middle East Respiratory Syndrome (MERS).
Inovio acquired Bioject Medical Technologies Inc., a pioneer in needle-free jet injection technology, in Mar 2017 for $5.5 million in cash and stock.
Inovio Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Anthera’s loss of 36 cents was narrower than estimates of 41 cents for 2016. Anthera’s loss estimates narrowed from $1.49 to $1.17 for 2017 over the last 60 days.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
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Inovio (INO) Q4 Loss Wider than Expected; Shares Decline
Inovio Pharmaceuticals, Inc.(INO - Free Report) reported a loss of 36 cents for the fourth quarter of 2016. The Zacks Consensus Estimate was of a loss of 29 cent per share. In the year-ago quarter, the company had posted loss of 25 cents.
Shares fell 5.4% in after-market trading. In fact, shares of Inovio have underperformed the Zacks classified Medical-Biomed/Genetics industry so far this year. The stock lost 1.0% during the period, while the industry registered a rise of 9.7%.
Quarter in Details
Inovio reported revenues of $8.5 million in the fourth quarter, which surpassed the Zacks Consensus Estimate of $6.6 million. Moreover, revenues grew 44% from the year-ago period.
Research and development expenses increased 53.2% to $23.9 million while general and administrative expenses increased 42.86% to $7.0 million.
Full-Year 2016 Results
Full-year 2016 loss per share was $1.01 per share, wider than the Zacks Consensus Estimate of a loss of 94 cents. In the year-ago period, the company had reported a loss of 43 cents.
Full-year 2016 revenues came in at $35.4 million, a decline of 12.81% from the year-ago period, primarily due to upfront payment of $15 million from MedImmune, the global biologics research and development arm of AstraZeneca PLC (AZN - Free Report) in 2015.
Pipeline Update
VGX-3100, an HPV immunotherapy, is the most advanced candidate in the company’s pipeline being developed for the treatment of HPV-16/18-related high-grade cervical dysplasia.
In Jan 2017, the company announced a collaboration and license agreement with China’s ApolloBio Corporation to exclusively develop and commercialize VGX-3100 in Greater China. Also, Inovio has submitted a regulatory package to the FDA for the initiation of phase III study on VGX-3100 for HPV-related high grade cervical dysplasia, which was placed on clinical hold in Oct 2016
In 2016, Roche Holding AG (RHHBY - Free Report) discontinued its collaboration for INO-1800, a hepatitis B DNA immunotherapy. This may have an impact on Inovio’s revenues as Roche was a significant customer in 2016. The enrolment of candidates has been completed for the phase I study, which is now being carried out independently by Inovio after Roche backed out.
The company expects to begin a phase I/II study for its immuno-oncology combination clinical study of INO-3112 and a new universal cancer vaccine, INO-5401 in the second half of 2017.
Inovio has started enrolment in a phase I study on vaccines being developed for Ebola, Zika and Middle East Respiratory Syndrome (MERS).
Inovio acquired Bioject Medical Technologies Inc., a pioneer in needle-free jet injection technology, in Mar 2017 for $5.5 million in cash and stock.
Inovio Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Inovio Pharmaceuticals, Inc. Price, Consensus and EPS Surprise | Inovio Pharmaceuticals, Inc. Quote
Zacks Rank & Key Picks
Inovio currently carries a Zacks Rank #2 (Buy). A better-ranked stock in the biomedical and genetics industry is Anthera Pharmaceuticals, Inc (ANTH - Free Report) . It sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Anthera’s loss of 36 cents was narrower than estimates of 41 cents for 2016. Anthera’s loss estimates narrowed from $1.49 to $1.17 for 2017 over the last 60 days.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>