If you’re looking for a stock to buy or sell, consider Ino (INO). It’s currently trading at $2.17/$2.21, after hours. This is a low volume stock, with 3.9 million shares trading hands. The DJIA, SP, and NSDQ are all down. Hedgies are selling their pumped up long positions to preserve liquidity. The money is being used to buy high-flying biotech stocks. However, an imminent short squeeze may be brewing for INO.
Inovio Pharmaceuticals Inc is an exciting biotechnology company that is developing a vaccine to treat infectious diseases. Its product, called InovioVax, is designed to fight disease-causing coronavirus. This vaccine uses a DNA and messenger RNA approach to treat and prevent illnesses. It also is developing drugs for cancer and other infectious diseases.
While Inovio faces setbacks, investors should take heart: the Department of Defense has withdrawn funding for final-phase testing of Covid vaccine. However, the company said the decision wasn’t based on the Covid vaccine, and that the company is still working toward a global launch of its vaccine. Another positive development for the company is the announcement that it’s partnering with Advaccine for a Phase 3 test. This news sent the company’s shares up significantly. BlackRock has also increased its stake in Inovio to 14.2 million shares, or 8.4% of the company.