Oppenheimer lowered the firm’s price target on Inovio to $33 from $40 and keeps an Outperform rating on the shares following quarterly results. The company disclosed a manufacturing issue with a component of the CELLECTRA device known as the array, which is caused by one of the injection molded plastic parts, the firm notes. While this issue has no impact on the safety or efficacy of the device, it will delay the INO-3107 BLA submission. However, Oppenheimer believes Inovio continues to be on track to deliver the first-in-class RRP therapy.
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