Shares of biotech company Inovio Pharmaceuticals INO fell sharply on Tuesday after announcing updates to its Covid-19 vaccine candidate, INO-4800. INO plunged 20% during the day before climbing back a bit into close.
Inovio said its early-stage clinical study showed positive results and that the vaccine was considered safe and well-tolerated; 94% of the 40 participants “demonstrated overall immune responses.”
However, investors were hoping for more concrete information about the efficacy of the vaccine, and Inovio didn’t provide any information about how many patients produced antibodies. The antibodies are key: they prevent infection by the coronavirus.
Inovio hopes to begin a phase 2/3 clinical study this summer after getting FDA approval.
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