The study is on hold until questions from the Food and Drug Administration are answered. Inovio plans to answer questions in October.
- Inovio Pharmaceuticals fell 39% on Monday after the biotech company announced a temporary suspension of the Phase 2/3 trial of its coronavirus vaccine.
- The study is on “partial clinical suspension” until questions posed by the Food and Drug Administration are answered, Inovio said in a press release. The company plans to answer questions in October.
- News of the study halt triggered a pause in trading in Inovio shares before the opening bell.
- Basically, the suspension is not related to an adverse event, and Inovio’s Phase 1 trial is still progressing.
- Watch the Inovio trade live here.
Shares of biotech company Inovio Pharmaceuticals fell 39% on Monday after the company announced a temporary hiatus in the Phase 2/3 clinical trial of its coronavirus vaccine.
The study is on “partial clinical hold” until questions recently asked by the Food and Drug Administration are adequately answered, Inovio said in a press release. The agency raised questions about the trial and the delivery device planned to be used in the study.
Inovio plans to answer questions in October. Once the answers are given, the FDA has 30 days to decide whether the clinical trial can proceed. Inovio’s phase 1 study is still ongoing.
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Pre-market trading in Inovio stock was halted early Monday shortly after the news broke. Shares fell after the stop was lifted.
Basically, the stay of the trial is not related to an adverse event. AstraZeneca made waves earlier this month after stopping a Phase 3 trial for its vaccine candidate due to a negative reaction from one participant. The study remains on hold in the United States as regulators study a number of neurological diseases suffered by participants.
Inovio stock closed at $ 16.94 per share on Friday, up nearly 400% since the start of the year. The company has six “buy” ratings, one “maintain” rating and no “sell” ratings, with a median price target of $ 22.
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