Inovio Tops Estimates; Reports Positive Trial Results
Inovio Pharmaceuticals, Inc. (INO) reported better-than-expected fourth-quarter results and positive trial data for a treatment of pre-cancerous lesions after-the bell Monday.
The company said its fourth-quarter loss narrowed to 14 cents a share from 38 cents a share a year ago. Revenue came in at $5.6 million vs. $0.3 million a year ago.
The company had been expected to report a loss of $33.7 million, or 22 cents a share, on sales of $1.1 million, based on a FactSet survey of 9 analysts.
The stock has risen 30.6% since the company last reported earnings on Nov. 9.
TheStreet Recommends
The company said its REVEAL 1 trial met primary and secondary endpoints among all evaluable subjects. The trial is one of two late-stage studies being conducted to evaluate the safety and efficacy of its VGX-3100 treatment for pre-cancerous lesions in the cervix.
Inovio also said its coronavirus vaccine candidate is making progress. “We look forward to successfully completing our Phase 2 segment in the second quarter and seeking to advance to the Phase 3 portion of the trial," said Dr. Joseph Kim, CEO of Inovio, in a statement.
Over the weekend, Johnson & Johnson (JNJ) won an emergency use authorization for its single-shot vaccine against coronavirus, adding a third tool to U.S. efforts to turn back the deadly disease. More than 500,000 Americans have died of COVID-19 in the past year and economic shutdowns to slow the spread have caused havoc for millions.
Shares of Inovio rose 40 cents, or 3.5%, to $12 in after-hours trading Monday. In the regular session, the stock gained 4.5%.
