Citizens JMP lowered the firm’s price target on Inovio (INO) to $12 from $18 and keeps an Outperform rating on the shares. Inovio expressed confidence that it has resolved the stability and manufacturing issue with the Cellectra device, supporting likely Biologics License Application acceptance by year-end for INO-3107 to treat recurrent respiratory papillomatosis, the analyst tells investors in a research note. Citizens continues to expect an approval via Priority Review and a strong market position based on INO-3107’s profile.
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