RBC Capital Lowers Inovio Price Target As It Awaits This

RBC Capital Markets has lowered the price target on Inovio Pharmaceuticals Inc INO to $4 from $5 with a Sector Perform rating.
The analysts updated the model to reflect the evolution of the programs to date and as new leadership gained traction since the CEO change in May.
With the CEO transition in conjunction with a new CMO hire, INO-4800’s heterologous booster strategy, VGX-3100’s continued development, and INO-5401 data at ASCO 2022 last month, RBC awaits a more attractive entry point and a clearer path for value creation.
Related: Inovio Lays Out Corporate Reorganization To Extend Cash Runway Into 2024.
At ASCO 2022, INO presented data on INO-5401 in combination with INO-9012 and Libtayo for newly diagnosed glioblastoma (GBM), with a median overall survival (OS) of 17.9 months and 32.5 months, for Cohort A (unmethylated MGMT) and Cohort B (MGMT methylated) patients, respectively.
Overall, the treatment was also well tolerated.
The analysts anticipate an update on INO-5401 in 2022 for the next steps towards a regulatory pathway to approval in the combination regimen.
RBC views topline data of INO-3107 from Phase 1/2 trial from recurrent respiratory papillomatosis patients as an increasingly important program as value potential embedded in other historically emphasized programs peels away from INO’s core.
Price Action: INO shares are up 5.71% at $1.95 during the market session on the last check Tuesday.

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