Cryptocurrency NewsTop News

Vaccine Maker Inovio Jumps as Short-Seller Citron Bashes Company

imageStock Markets1 hour ago (Jun 25, 2020 04:11PM ET)

(C) Shutterstock

By Christiana Sciaudone — Shares of biotech firm Inovio Pharmaceuticals (NASDAQ:INO) Inc. closed up 31% on Thursday, even after Citron Research said shares would tumble.

Inovio said Tuesday it was receiving $71 million from the U.S. Department of Defense to manufacture a device used to administer an Inovio vaccine against Covid-19 that has not been approved.

Citron, calling Inovio a favorite stock of Robinhood investors, said the shares are likely to drop by 50%, to $14. In April, the short-seller compared Inovio to Theranos, the fraudulent blood testing company that has since dissolved.

Coronavirus cases are increasing in large swaths of the U.S. and Brazil, which together account for more than 3 million cases of Covid-19.

Vaccine Maker Inovio Jumps as Short-Seller Citron Bashes Company

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related Articles

Back to top button
Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!