Inovio Pharmaceuticals (NASDAQ:INO) stock is pushing higher on Tuesday after providing investors with an update on its Covid-19 vaccine.
According to a news release from the company, the U.S. Food and Drug Administration (FDA) has cleared it to move forward with its Phase 3 clinical trial of INO-4800. This is the company’s Coivd-19 vaccine candidate.
It’s worth noting that this clearance comes after the FDA put a pause on the company’s clinical trial. This was due to some concerns that Inovio Pharmaceuticals alleviated with additional data.
Inovio Pharmaceuticals’ Phase 3 clinical trial will seek to determine the effectiveness of its Covid-19 vaccine. This will have a two-to-one sample of patients receiving two doses of the vaccine. These doses will be 2 mg and will come one month apart from each other.
Dr. J. Joseph Kim, president and CEO of Inovio Pharmaceuticals, said the following in the press release boosting INO stock higher today.
“We are pleased to have the opportunity for U.S. clinical trial participants to potentially contribute to the enrollment in our INNOVATE Phase 3 segment. Today’s U.S. announcement builds on our intensive global efforts in India, Brazil, Philippines, Mexico, Colombia, and Thailand where we have received authorizations to date.”
INO shares are also facing heavy trading today alongside the vaccine news. As a result, nearly 8 million shares of the stock have traded as of this writing. That’s already above the company’s daily average trading volume of 4.1 million shares.
INO stock was up 5.6% as of Tuesday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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