Inovio Pharmaceuticals: Hold Rating Due to Financial Losses and Uncertain Development Timeline

Analyst Ram Selvaraju from H.C. Wainwright reiterated a Hold rating on Inovio Pharmaceuticals (INO – Research Report) and keeping the price target at $3.00.

Ram Selvaraju has given his Hold rating due to a combination of factors related to Inovio Pharmaceuticals’ current financial and developmental status. The company’s recent financial results showed a net loss of $19.7 million in the first quarter of 2025, which was less than the anticipated loss, indicating some positive financial management. However, the revenue was relatively low at $65,000, suggesting limited immediate income streams.
In terms of product development, Inovio is making progress with its INO-3107 candidate, which has been granted Breakthrough Therapy designation by the FDA for treating recurrent respiratory papillomatosis. The company plans to start the rolling Biologics License Application submission in mid-2025, with potential regulatory approval by mid-2026 if granted priority review. Despite promising Phase 1/2 trial results showing efficacy and tolerability, the necessity for a confirmatory trial and updates to the Investigational New Drug application adds uncertainty to the timeline. These factors contribute to the Hold rating, reflecting a cautious outlook pending further developments.