Jefferies maintains Inovio Pharmaceuticals at Buy, raises price target to $8 from $3

Inovio's VGX-3100 immunotherapy showed significant improvement in HPV-16/18-associated cervical HSILs in a phase 3 trial. At week 36, 52.5% of patients in the VGX-3100 arm achieved histologic regression with HPV clearance vs 35.3% in the placebo arm. The treatment was well-tolerated with no serious adverse effects. Inovio's stock may be impacted by these trial results.

Jefferies raised its price target for Inovio Pharmaceuticals (INO) to $8.00 from $3.00, maintaining a Buy rating. The stock, currently at $1.18, surged 141% over the past week. The upgrade follows FDA approval of VOCERYQ, Inovio's treatment for recurrent respiratory papillomatosis, positioning it as the second systemic entrant in the market. Inovio estimates 25,000 prevalent U.S. adult patients and plans to price the treatment at $460,000 per four-dose course.

Inovio Pharmaceuticals' stock fell 19.7% to $1.165 after pricing a $75M share offering at $1.05, a discount to its prior close of $1.45. The offering includes 58.7M shares and warrants, with potential for additional dilution. Bearish options activity surged, and the decline was attributed to company-specific factors rather than broader market trends.

Inovio Pharmaceuticals (INO) shares dropped 25% after announcing a $75M share offering at $1.05 per share, with underwriters having a 30-day option to buy additional shares. The offering is expected to close around November 9, 2026. Jefferies and Piper Sandler are joint book-running managers. Inovio focuses on DNA medicines for HPV, cancer, and infectious diseases.

The midterm elections may signal a decline in the 'Make America Healthy Again' agenda, with Democratic wins potentially challenging HHS Secretary Robert F. Kennedy Jr. Inovio Pharmaceuticals received FDA approval for a plasmid DNA-based immunotherapy for a rare HPV-linked condition. J&J's experimental prostate cancer drug showed a 75% response rate in a phase 1 study, acquired from Halda Therapeutics.

INOVIO Pharmaceuticals (INO) announced a public offering of 58.7M shares at $1.05 each, plus 12.7M pre-funded warrants at $1.049, aiming to raise $75M. The news caused INO shares to drop, likely due to dilution concerns.