Stock Alert: Inovio Pharma Falls 11%

(RTTNews) - Shares of Inovio Pharmaceuticals Inc. (INO) tanked 11% on Friday morning trade, ending a four-day growth streak.

The stock had on Thursday touched a 20-year high and gained more than 9-fold for a year-to-date period. The company on Tuesday had announced it secured a $71 million funding from the U.S. Department of Defense for the large-scale manufacture of its CELLECTRA 3PSP smart device and the procurement of CELLECTRA 2000 devices, which are used to deliver the COVID-19 vaccine INO-4800 directly into the skin.

The company's COVID-19 vaccine candidate INO-4800 is also under a phase I study in the U.S., with interim results expected to be available later this month.

A phase II/III efficacy trial is planned to begin this summer (July/August). INO is currently trading at $27.62, down $3.63 or 11.62%, on the Nasdaq.