Last week, Rich introduced his viewers to Inovio Pharmaceuticals Inc. (NASDAQ:INO). Inovio is a biotech company specializing in medicines that treat, cure, and protect people from diseases associated with HPV, cancer, and infectious diseases.
This week, INO is growing ever strong, even as the rest of the markets have come down with the flu. As COVID-19 continues its path of destruction, Inovio is one of the few stocks proposing a solution. But the question remains, has the stock already hit its peak?
“I’m getting this question all the time, ‘is INO a buy or a sell?'” says Rich. So let’s find out.
INO’s Remarkable Performance So Far
Inovio Pharmaceuticals entered 2020 with a share price of $3.21. The stock remained relatively stable throughout January and February until suddenly lifting off in early March.
From its March 2 price of $4.39, INO has gained 156.26% to reach its current price of $11.25. That means the stock is up 250% for the year-to-date.
The inciting incident for this meteoric rise was Inovio’s announcement on March 3 of an accelerated timeline for its COVID-19 vaccine. Notably, the company was able to design this vaccine, called INO-4800, just three hours after receiving the DNA sequence of the novel coronavirus.
This makes Inovio Pharmaceuticals a leader in the all-important COVID-19 treatment space. But seeing as the share price grew 156% in just a week, investors can’t be blamed for thinking the time to get into INO has already passed by.
What Does Rich Think?
“As the outbreak in America gets worse, I think that’s bullish for vaccines stocks and coronavirus stocks,” says Rich. “Inovio Pharmaceuticals is one of the hottest vaccine AND coronavirus stock in the world right now.”
He also notes how important it is that INO has announced test trials for its treatment. Those trials are currently scheduled for April, which would make Inovio the first biotech company in North America to start testing a vaccine candidate.
“So, in my opinion, Inovio has a lot of momentum and they will most likely go higher,” Rich says. “Now, I might be wrong and they might go lower. Their momentum might be done. But with the coronavirus spreading across America, I think INO goes as high as $20.00.”
What Others Are Saying About Inovio Pharmaceuticals
Not every analyst or industry watcher is as bullish on INO as Rich is.
Citron Research has called Inovio’s claims that it designed a COVID-19 vaccine just three hours after receiving the genetic sequence as “ludicrous” and even “dangerous.” The research group predicts that the company’s share price will fall back to the $2-range once the market turns its attention elsewhere.
Whether INO’s claims are true or its timeline will pan out remains to be seen. But one thing that’s known for sure is that the markets are desperate for a coronavirus treatment.
According to a recent report from The Guardian, the number of known COVID-19 infections has now surpassed 110,000. In addition, several states in the US, as well as Asian and European countries, are considering emergency measures.
So what do you think about Inovio Pharmaceuticals? Is it the right play for the coronavirus market? Has it already peaked, or is more growth on the way? Let us know what you make of this situation.
Featured images: DepositPhotos © alexraths