Stock Alert: Inovio Pharmaceuticals Slips 20% On Loss Greater Than Estimates

(RTTNews) - Shares of Inovio Pharmaceuticals, Inc. (INO) are down more than 20% Tuesday morning after reporting second-quarter results, that fell short of analysts'estimates.

The company reported a second-quarter loss of $128.7 million, or $0.83 per share, compared with loss of $29.4 million, or $0.30 per share, in the year-ago period. Analysts polled by Thomson Reuters were expecting loss of $0.17 per share.

Revenue for the quarter was $267,000 compared with $136,000 for the same period last year. The consensus estimate was for $2.62 million.

The company said it is planning to start Phase 2/3 study of its COVID-19 vaccine candidate, INO-4800 in September, and expanding the manufacturing capacity to produce at least 100 million doses of INO-4800 in 2021.

Inovio stock is currently trading at $14.94. It has traded in the range of $1.92- $33.79 in the last one year.