Skip to content

Inovio Pharmaceuticals Stock Rallies After Signing Covid-19 Manufacturing Deal

Sam Boughedda
Sam Boughedda trader
Updated 4 Dec 2020

Practice Stock Trading
INO Inovio Pharmaceuticals

Shares of biotechnology company, Inovio Pharmaceuticals (NASDAQ: INO) are rallying premarket after the company announced on Thursday a deal with Japanese based Kaneka Corp to manufacture its Covid-19 candidate, INO-4800.

new-recommended-broker-banner

The two companies did not disclose the terms of the agreement. 

However, Kaneka will join Inovio’s existing manufacturing partners Thermo Fisher Scientific, Richter-Helm BioLogics and Ology Biosciences to help increase the vaccines supply. 

“Our partnership with Kaneka Eurogentec, one of the world’s largest and most experienced plasmid manufacturers, provides additional scale to our growing global manufacturing coalition. Kaneka Eurogentec will be a crucial member of INOVIO’s global manufacturing consortium, supporting our plans to produce, manufacture and scale our COVID-19 vaccine candidate, INO-4800,” commented Inovio’s President and CEO, Dr J Joseph Kim. 

The company’s current Covid-19 vaccine trial is currently in the Phase 2 segment of its Phase 2/3 clinical trial for INO-4800. 

Inovio’s stock price is up 9.90% at $13.76 premarket after closing on Thursday at $12.52 per share. 

PEOPLE WHO READ THIS ALSO VIEWED:

Sam Boughedda
Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.