There was a time when many vaccine-related stocks had managed to emerge as major gainers in light of the coronavirus pandemic and the race for discovering a vaccine. However, things have cooled down somewhat in recent times and a case in point is the Inovio Pharmaceutical (NASDAQ:INO) stock.
Trading Data
On Friday, INO stock decreased 4.57% to $1.88 with more than 7.40 million shares, compared to its average volume of 5.59 million shares. The stock moved within a range of $1.7700 – 2.0499 after opening trade at $2.01.
Key Trigger
As it happens, the company’s efforts to develop its COVID 19 vaccine suffered a major setback back in December 2020 when its program had been put on a clinical hold by the United States Food and Drug Administration. The hold had been lifted a year later but the stock has been a poor performer nonetheless.
So, is the game over for Inovio as a COVID 19 vaccine manufacturer? In this regard, it should be noted that although the pandemic is perhaps over, the demand for vaccines is expected to remain and that may well be a positive for the company if it does manage to come up with the vaccine. However, at the same time, it should be noted that due to massive costs and a drop in COVID 19 cases across the world, the company had dropped its dropped altogether.
Technical Data
INO stock is below the 20-Day and 50-Day Moving averages of $2.36 and $3.03 respectively. Moreover, the stock is trading below the 200-Day moving average of $5.40.
