While many companies in the Philadelphia region have seen their share price decimated during the coronavirus pandemic, conversely Plymouth Meeting-based Inovio Pharmaceuticals has seen its stock skyrocket thanks to its COVID-19 vaccine efforts, write Erin Arvedlund and Chris A. Williams for The Philadelphia Inquirer.
The biotech company’s vaccine trials first made headlines already in March, when they were the subject of a “60 Minutes” segment. Inovio also recently received a $71 million federal grant to help pay for the large-scale manufacturing of its vaccine applicator and been awarded a $5 million boost from the Bill & Melinda Gates Foundation.
This has all boosted Inovio’s stock into first place among the area companies that were the largest percentage gainers from March 10 to June 19.
During this period, the company’s share price went up by 150 percent, from $5.70 to $14.27. The company has also increased its staff by about 25 percent year to date, to around 250 people.
Still, the future of Inovio’s stock hinges on the company’s ability to produce a viable COVID-19 vaccine being able to manufacture it in large quantities within a relatively short period.
Read more about the region’s top stocks during the pandemic at The Philadelphia Inquirer by clicking here.
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