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Inovio Falls After $150 Million Share Offering Unveiled

Inovio said in December that its covid vaccine candidate was in Phase 2 clinical trials. It's now raising new capital to help finance its clinical pipeline.
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Shares of Inovio Pharmaceuticals  (INO) - Get Inovio Pharmaceuticals Inc. Report, which is working on a covid vaccine, dropped Thursday after the company unveiled a public offering of $150 million.

It consists of 17.7 million shares at $8.50 each. 

Inovio recently traded at $8.90, down 8.41%. It well more than doubled - up 173% - in the year through Wednesday. But the stock has fallen 62% in the past six months, as Inovio trailed behind market leaders such as Pfizer  (PFE) - Get Pfizer Inc. Report, Moderna  (MRNA) - Get Moderna Inc. Report and AstraZeneca  (AZN) - Get AstraZeneca PLC Report in the vaccine race.

Inovio said in December that the drug was in Phase 2 clinical trials. The company said the new capital would help finance its clinical pipeline, which includes the vaccine candidate.

Meanwhile, AstraZeneca and Moderna are among western and Chinese companies whose vaccines the World Health Organization expects to approve in coming weeks and months, according to Reuters, which cited internal documents.

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Moderna’s vaccine already is being used in the U.S. and overseas, while AstraZeneca’s has received approval only overseas. The WHO may approve Moderna’s vaccine by the end of next month, according to Reuters.

The WHO in January or February may approve a vaccine developed by AstraZeneca and manufactured by the Serum Institute of India.

It may authorize that same vaccine manufactured in South Korea by SK Bioscience by the end of February or later.

AstraZeneca recently traded at $52.62, up 0.7%, and has firmed 2% over the past year.

Moderna traded at $125.49, up 0.3%. The shares are up by a factor of six over the past year.

Pfizer traded unchanged at $36.50. It has slipped 4% over the past year.