Over the past week or so, the coronavirus epidemic in China has emerged as one of the biggest healthcare threats in the world, and cases have recently been discovered in other parts of the world as well. Among the many stocks that rallied on the back of these developments, INO stock has enjoyed a particularly strong rally. As the epidemic spreads, Inovio Pharmaceuticals (NASDAQ:INO) continues to rally and has gained as much as 72% since Thursday.
The stock has continued to gain for three straight trading sessions and eventually hit its 52-week high of $5.95 in today’s session. Due to the current rally, it is worthwhile for investors to perhaps take a closer look at Inovio.
Gets $9 Million Grant
There have been several developments that have raised optimism with regards to INO stock at this point in time. It is believed that the company can help with the coronavirus situation, and last week, it emerged that Inovio Pharmaceuticals has been provided with a $9 million grant to work on developing a vaccine for the coronavirus.
The grant has been awarded by the Coalition for Epidemic Preparedness Innovations (CEPI). It is a significant development for the company and one that could have far-reaching effects.
The grant is expected to take care of the preclinical expenses and the Phase 1 clinical trial for the vaccine. As of now, Inovio Pharmaceuticals is calling the vaccine INO 4880.
At the time of writing, INO stock is up by 24% at $5.26.
While the $9 million grant is certainly good news, it should be noted that it is unknown how much preclinical work is going to be done. The award of the grant was possibly one of the bigger reasons behind the continued rally in Inovio’s stock.
However, as the coronavirus epidemic continues to spread, investors could expect stocks like Inovio Pharmaceuticals to continue rallying. It would be worthwhile for investors to keep a close eye on INO stock over the coming days.
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