Inovio Pharmaceuticals (NSDQ:INO) shares took a hit this morning on second-quarter results that missed the consensus forecast.
INO shares were down more than –11% at $8.53 per share in morning trading today.
The Plymouth Meeting, Pa.–based company posted losses of -$82.1 million on sales of $272,824 for the three months ended June 30, 2021, for a 36.2% bottom-line gain on sales growth of 2.1%.
Earnings per share came in at -39¢, 14¢ behind Wall Street, where analysts were looking for sales of $1.21 million.
“With COVID-19 rates surging again globally and an increasing number of breakthrough infections, Inovio recognizes the need for additional safe and effective first-line vaccines, particularly those which could offer potential boosting capabilities, to combat the spread of the virus and emerging variants, including the rapidly spreading delta variant,” Inovio president and CEO Dr. J. Joseph Kim said in a news release. “INO-4800’s ability to generate CD8 T cells are important to mitigating against variants of concern, including the delta variant.
“Findings from a study using clinical samples showed that INO-4800 maintained a robust T cell level against the delta variant when compared to T-cell responses from the original wildtype strain. These findings further complement our previously published Phase 1 and 2 trial data for INO-4800.”
Kim also noted that the advantages of its DNA medicines platform are integral to the company’s ongoing conversations with countries set to participate in its global Phase 3 trial for INO-4800. He added that some of those countries are considering the vaccine candidate for clinical trials and eventual emergency use authorization.
Inovio did not offer financial guidance for the remainder of the year.