Inovio Pharmaceuticals Inc (NASDAQ:INO) released third-quarter financial earnings and a clinical progress update on the firm’s pipeline on Wednesday, November 9th. H.C. Wainwright analyst Ram Selvaraju is excited about forthcoming topline data, which he underscores to investors in his bullish forecast on the biotech firm.

Therefore, particularly with attention toward a phase 3 trial evaluating VGX-3100, the firm’s therapeutic synthetic DNA vaccine targeting human papillomavirus (HPV), set to commence the first quarter of 2017, the analyst reiterates a Buy rating on shares of INO while tweaking the price target down from $17 to $13, which represents just under a 69% increase from current prices.

Selvaraju asserts, “We remind investors that the company plans to have three drug candidates ready for registration in 2020. Unsurprisingly, the first of these is VGX-3100. The second one is indicated for cancer. It could be a new candidate, INO-5401, which comprises hTERT and two antigen targets and is to be used in combination with checkpoint inhibitors. It could also be INO-3112, which targets HPV-related cancers (Phase 1 data for head & neck cancer in 4Q16). Investors may recall that INO-3112 has been licensed to MedImmune to be used in combination with their own immunotherapy in the pipeline, with potential clinical study initiation in 1Q17. The potential of INO-5150 targeting prostate cancer is also included (Phase 1 data in 1H 2017).”

INO’s third drug candidate is set to treat infectious disease, and the firm is circling between a choice of three: either Zika with initial data from its first 40 patients due by fourth quarter of this year, MERS, with a data read-out for its Phase I trial due by fourth quarter, or Ebola, “depending on market conditions,” the analyst notes. Moreover, INO’s PENNVAX®-GP HIV immunotherapy is set to release data by the first half of 2017.

“These data readouts in the coming quarters could provide additional upside to the company’s stock, in our view,” Selvaraju contends.

According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ram Selvaraju is ranked #4,005 out of 4,200 analysts. Selvaraju has a 33% success rate and faces a loss of 6.6% in his annual returns. When recommending INO, Selvaraju loses 15.6% in average profits on the stock.

TipRanks analytics exhibit INO as a Strong Buy. Out of three analysts polled by TipRanks, all are bullish on Inovio stock. With a return potential of nearly 53%, the stock’s consensus target price stands at $12.00.screen-shot-11-11-16-at-09-41-pm