Inovio Misses Revenue and Earnings Estimates for Q1

Inovio expects data from Phase 1 trial of covid-19 vaccine candidate in June.
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Inovio Pharmaceuticals, Inc.  (INO) - Get Report missed analyst estimates for the first quarter, citing reduced revenue recognized from a collaboration with AstraZeneca.

Inovio reported first-quarter loss of 26 cents a share on revenue of $1.3 million after the bell, Monday.

The company had been expected to report a loss of 22 cents a share, on sales of $1.9 million, based on a FactSet survey of six analysts. In the same period a year ago, the company posted a loss of 30 cents a share on sales of $2.8 million. It reported a loss of 33 million.

“The year-over-year decrease in revenue under collaborative research and development arrangements was primarily due to less revenue recognized from our collaboration with AstraZeneca, offset by milestone revenue earned from our affiliated entity PLS,” the company said in a statement.

Inovio shares were active in after-hours trading, falling 50 cents, or 4.2% to $11.40. During the regular session Monday the stock rose 9.6%.

The stock has risen 14.3% since the company last reported earnings on March 12, driven by hopes for its INO-4800 coronavirus vaccine candidate which is in phase 1 trials. Inovio said it expects results from the initials trials in June and is preparing for a Phase 2/3 efficacy trial “to start this summer upon regulatory approval,” according to a statement.

H.C. Wainwright analyst Ram Selvaraju has said the company’s vaccine candidate may offer advantages over rivals such as Moderna’s  (MRNA) - Get Report because of ease of handling and storage. Selvaraju has a $17 price target on Inovio.