Inovio Pharmaceuticals INO Stock News

Inovio Pharmaceuticals Inc (NASDAQ: INO) is running for the top in the premarket this morning, trading on gains of around 15% early on. If you’re digging for news, I’ll save you some time. No press releases or SEC filings have been issued this morning. So, what’s going on?

After digging through social media, it quickly became clear that the excitement surrounds the company’s work with regard to the coronavirus. Here’s what’s going on:

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INO Stock Climbs As Coronavirus News Continues To Spread

Back in late-January, Inovio Pharmaceuticals announced that it had been awarded a grant by the Coalition for Epidemic Preparedness Innovations, or CEPI. In the release, the company said that the grant will come with up to $9 million in funding to develop a vaccine against the recently emerged strain of coronavirus.

In the release, INO said that the initial funding would support its preclinical and clinical development  of INO-4800 through Phase 1 human testing. INO-4800 is the company’s new coronavirus vaccine that has been matched to the current outbreak strain.

In the past, CEPI has awarded the company a grant of upt o $56 million surrounding the development of vaccines against Lassa fever and MERS. Both of these illnesses are also caused by a coronavirus.

So, why is this old news such a big deal?

Wuhan Coronavirus Continues To Pose A Major Threat

At the end of the day, the Wuhan Coronavirus, dubbed COVID-19, is becoming a major issue very quickly. To date, there have been around 80,000 confirmed cases of the illness with more than 2,600 victims passing away as a result.

As the coronavirus continues to grow to pandemic proportions, we are seeing efforts around the world to create both vaccines and treatments. Of course, those companies that are first to create vaccines and treatments will benefit greatly from their work.

With INO being one of the very early players when it comes to the development of a vaccine, there’s a very real chance that the company will be one of the first to find success, creating an opportunity.

Speculation Fuels Further Growth

While the news that Inovio Pharmaceuticals is working on a vaccine for the coronavirus is nothing new, what is new is the speculation that circling the stock at the moment.

All over Stocktwits, we’re seeing messages left and right about potential funding ahead. Clearly, the CEPI has already begun funding the development of vaccines, but messages suggest that further funding may be ahead.

Of course, if the United States government does decide to provide further funding to those working to create vaccines and treatments against this deadly virus, INO would likely be one of the companies that would receive the funding.

There’s Plenty Room Ahead

While Inovio Pharmaceuticals has already seen a pretty strong run in value this morning, there’s plenty of room for more gains, both today and as we move ahead.

On Stocktwits, many of the members are suggesting that the stock will run to $6 per share today. while that would be great, my view is a bit more conservative. While I’m not sure that it will happen today, I do believe that in the near term, INO has the ability to run to $5.32 per share. Moreover, if it breaks this key resistance point, those predicting $6.00 or more could be correct.

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