Oppenheimer lowered the firm’s price target on Inovio (INO) to $15 from $33 and keeps an Outperform rating on the shares after the company reported Q3 financial updates and business highlights, including progress on BLA filing for INO-3107 planned for mid-2025. The firm notes that total Q3 OpEx was $27.3M, resulting in $84.8M of cash providing financial runway through Q3 2025 to support BLA submission. Oppenheimer was also encouraged by regulatory progress ex-U.S. and new immunology data that supports the biological basis for INO-3107’s clinical benefit.
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