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Why Inovio Pharmaceuticals Skyrocketed on Tuesday

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Shares of coronavirus stock Inovio Pharmaceuticals surged again on Tuesday. INO was up about 18% in late-morning trading and ended the trading day up 20.4% to $13.63.

There’s no specific news driving the stock, but investors are expecting new updates for its Covid-19 vaccine candidate INO-4800 soon. The biotech is awaiting FDA clearance to begin phase 2/3 trials in the US, which it anticipates will happen soon. CEO Joseph Kim also said that Inovio is “very confident” it will receive funding for the upcoming vaccine trials

INO has soared 300% year-to-date, and is up about 85% since the March market lows.

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