Plymouth Meeting-based Inovio saw its stock jump 33 percent on Monday after the biotech company came to the attention of individual investors on Reddit, writes John George for the Philadelphia Business Journal.
The stock went up by $4.21 per share to reach $16.96, Inovio’s highest closing price since September.
The company, which currently has a potential COVID-19 vaccine undergoing mid-stage clinical testing, also benefited from investment manager BlackRock increasing its stake in Inovio.
On Monday, a post on a Reddit forum dedicated to Inovio, rallied individual investors to support the company.
“Inovio Needs Us!! Spread the word. This is a battle against corruption in the FDA, Big Pharma, and shorts!” said the headline.
The post praised the company for working on developing not just the COVID-19 vaccine but also other DNA-based vaccines that target HPV, glioblastoma, and MERS.
“DNA science is cost efficient, safe, and effective,” stated the post. “Their success going to cost Big Pharma billions.”
Another post on the now well-known WallStreetBet’s forum encouraged small investors to buy Inovio shares as part of the growing revolt against short sellers.
Read more about Inovio at the Philadelphia Business Journal by clicking here.