Inovio Pharmaceuticals Inc (NASDAQ:INO), closed its previously announced underwritten public offering of 10,925,000 shares of the Company’s common stock, including 1,425,000 shares of common stock issued pursuant to the underwriter’s exercise of its option, at the public offering price of $8.00 per share. The gross proceeds of this offering were $87.4 million. Net proceeds to the Company, after deducting the underwriter’s discounts and commission and other estimated offering expenses payable by the Company, were approximately $82.1 million.
The Company intends to use the net proceeds received from the sale of the common stock for general corporate purposes, including clinical trial expenses, research and development expenses, general and administrative expenses, manufacturing expenses and potential acquisitions of companies and technologies that complement its business.
Piper Jaffray & Co. and Stifel acted as joint bookrunning managers for the offering. H.C. Wainwright & Co., LLC, Brean Capital, LLC and Maxim Group LLC acted as co-managers of the offering.
The securities described above were offered by Inovio pursuant to a shelf registration statement previously filed with and declared effective by the Securities and Exchange Commission (the “SEC”) on August 8, 2014. A prospectus supplement and the accompanying prospectus relating to the securities offered have been filed with the SEC and are available on the SEC’s website at http://www.sec.gov. Copies of the prospectus supplement and the accompanying prospectus relating to the securities being offered may also be obtained from Piper Jaffray & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, via telephone at 800-747-3924 or email at [email protected]; or from Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, CA 94104, via telephone at 415-364-2720 or email at [email protected]. (Original Source)
Shares of Inovio opened today at $8.47 and are currently trading down at $8.19. INO has a 1-year high of $13.04 and a 1-year low of $6.33. The stock’s 50-day moving average is $9.29 and its 200-day moving average is $9.11.
On the ratings front, Inovio has been the subject of a number of recent research reports. In a report issued on March 16, Brean Murray Carret analyst Jonathan Aschoff reiterated a Buy rating on INO, with a price target of $20, which represents a potential upside of 136.1% from where the stock is currently trading. Separately, on March 12, H.C. Wainwright’s Yi Chen initiated coverage with a Buy rating on the stock and has a price target of $17.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jonathan Aschoff and Yi Chen have a total average return of 6.3% and 13.0% respectively. Aschoff has a success rate of 51.4% and is ranked #601 out of 3589 analysts, while Chen has a success rate of 63.6% and is ranked #1281.
Inovio Pharmaceuticals Inc is a clinical stage biopharmaceutical company. The Company develops active DNA immunotherapies and vaccines in combination with proprietary electroporation delivery devices to prevent and treat cancers and infectious diseases.