In a research report published today, Maxim Group analyst Jason Kolbert maintained a Buy rating on Inovio Pharmaceuticals (NASDAQ:INO) with a $20 price target, which represents a potential upside of 110.5% from where the stock is currently trading.

The report follows the results from a 12-patient phase I study of the company’s HIV immunotherapy, PENNVAX-B, in HIV-infected patients.

Kolbert observed, “The data suggests that the immune response characteristics generated by the immunotherapy were similar to those observed in HIV-infected individuals who, without treatment, do not progress to further stages of the disease.” He continued, “Results from this clinical study appeared in the peer-reviewed journal, Molecular Therapy, in the article, “Synthetic consensus HIV-1 DNA induces potent cellular immune responses and synthesis of granzyme B, perforin in HIV infected individuals,” authored by Inovio researchers and collaborators.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jason Kolbert has a total average return of 4.4% and a 43.4% success rate. Kolbert is ranked #743 out of 3429 analysts.