In a research report issued today, Brean Capital analyst Jonathan Aschoff reiterated a Buy rating on Inovio Pharmaceuticals Inc (NASDAQ:INO) with a $20 price target, after the company reported its first-quarter results and outlined its ambitious clinical development strategy for its pipeline in its conference call this morning.

Aschoff noted, “Inovio ended 1Q15 with $81 million of cash, and added net proceeds of $82 million from a public offering in May. The company’s current cash position should be sufficient to support its operations through the end of 2018—importantly, including costs associated with a potential Phase 3 trial of VGX-3100. As of March 31, Inovio had 60.7 million basic shares outstanding and 67.8 million diluted shares outstanding. Inovio reported 1Q15 revenue and EPS of $5.2 million and $(0.17), both of which are immaterial at this point in Inovio’s development. R&D expense and SG&A expense for the quarter were $9 million and $4 million, respectively.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jonathan Aschoff has a total average return of 6.3% and a 52.9% success rate. Aschoff has a -22.0% average return when recommending INO, and is ranked #570 out of 3596 analysts.