Maxim Group analyst Jason McCarthy maintained a Buy rating on Inovio Pharmaceuticals (INO) today and set a price target of $8. The company’s shares closed yesterday at $5.19.
McCarthy observed:
“Inovio reported 3Q18 with revenue of $2.0M (grants, collaborations) and a net loss of ($25M). Operating expenses were $28.6M, and the company ended the period with $85.5M in cash on the balance sheet. At the current burn rate, we estimate the company has runway into 2Q19. Non-dilutive capital, which has been a significant source of funds for Inovio, could extend the runway further.”
According to TipRanks.com, McCarthy is a 4-star analyst with an average return of 5.3% and a 40.9% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, ContraVir Pharmaceuticals Inc, and Sonoma Pharmaceuticals Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Inovio Pharmaceuticals with a $10.25 average price target, which is a 97.5% upside from current levels. In a report issued on October 26, H.C. Wainwright also reiterated a Buy rating on the stock with a $13 price target.
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Based on Inovio Pharmaceuticals’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $6.64 million. In comparison, last year the company had a GAAP net loss of $34.13 million.
Based on the recent corporate insider activity of 22 insiders, corporate insider sentiment is negative on the stock. Most recently, in September 2018, Jong Joseph Kim, the CEO of INO sold 49,060 shares for a total of $263,452.
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Inovio Pharmaceuticals, Inc. engages in the development of active DNA immunotherapies for cancer and infectious diseases. Its portfolio of immune therapies includes SynCon immunotherapies and electroporation delivery systems. The company was founded on June 29, 1983 and is headquartered in Plymouth Meeting, PA.
