INO - This Under-the-Radar Stock Is Up by 96% This Year: Time to Buy?
2024-05-05 08:54:00 ET
Some investors might remember Inovio Pharmaceuticals (NASDAQ: INO) ; others might not. The small-cap biotech was once racing to develop an effective coronavirus vaccine. Its bet to become a leader in this field fell flat, the company largely fell into irrelevance, and its value decreased substantially.
However, Inovio isn't dead in the water. The company might be mounting a comeback, with its shares up by 96% since the year started. Is Inovio Pharmaceuticals a good contrarian buy? Let's find out.
Inovio Pharmaceuticals develops DNA-based medicines. It uses a proprietary platform to manufacture plasmids, or DNA molecules, that it can insert into patients' bodies (also using proprietary devices) and that are designed to help produce disease-specific antibodies. Inovio boasts eight programs in clinical trials, an impressive number for a biotech with a market cap of just $305 million. Still, most of its programs haven't made it to phase 3 studies.
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This Under-the-Radar Stock Is Up by 96% This Year: Time to Buy?