Inovio's 860% year-to-date rally takes a breather after the release of Phase I data for company's COVID-19 vaccine candidate (INO)

Inovio has rallied 860% year-to-date as investors bid up the company's stock in hopes of the successful development of a vaccine for COVID-19.

FILE PHOTO: A woman holds a small bottle labeled with a
  • On Tuesday, Inovio fell as much as 17.8% after the company released early Phase I data on its INO-4800 COVID-19 vaccine.
  • The company said 94% of Phase I participants demonstrated an immune response to the vaccine candidate.
  • Inovio said its vaccine candidate was selected to participate in a non-human primate study as part of the US government's Operation Warp Speed.
  • Visit Business Insider's homepage for more stories .

Inovio's Tuesday morning release of early-stage data on its COVID-19 vaccine candidate sent shares lower by as much as 17.8%, giving the stock a breather after it rallied 860% year-to-date.

Investors have bid up the company on hopes that its vaccine candidate for COVID-19 proves successful in human trials.

The interim Phase 1 data from Inovio showed that 94% of trial participants demonstrated overall immune response at week six after two doses of INO-4800, according to the company.

Inovio said it plans to add older participants to its vaccine trial and to initiate a Phase 2/3 efficacy trial for INO-4800 later this summer, upon regulatory concurrence.

Read more : We spoke with 3 financial experts, who said to make 4 these trades right now to get ahead of surprising gains when earnings season starts next month Inovio also said its vaccine candidate was selected to participate in a non-human primate challenge study as part of the US government's Operation Warp Speed. Vaxart is another company working on a vaccine for COVID-19 that was selected to participate in the same challenge study, which sent its stock soaring. Operation Warp Speed is a private-public partnership by the federal government designed to speed up the development and production of a COVID-19 vaccine, therapeutics, and related diagnostics. Companies selected by the government to participate and receive funding include Merck , Moderna , Pfizer , Johnson & Johnson , and AstraZeneca . Markets Insider NOW WATCH: Why Pikes Peak is the most dangerous racetrack in America See Also: The chief strategist of $2.5 trillion State Street recommends 7 ETFs for investors looking to profit from a permanently altered post-coronavirus landscape Day trading for fun is a 'losing proposition,' Wealthfront's investment chief Burton Malkiel warns Goldman Sachs has formulated a strategy that could triple the market's return within a year as volatility remains higher than normal including 11 new stock picks for the months ahead

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.com.gh

Our newsletter gives you access to a curated selection of the most important stories daily.

Welcome to the Pulse Community! We will now be sending you a daily newsletter on news, entertainment and more.