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Let's repeat last week
Price History
Date
Open
Day Low
Day High
Close
Volume
5/18/2020
17.70
17.20
19.40
17.45
8,689,467
5/15/2020
19.52
15.80
21.20
17.07
21,118,901
5/14/2020
26.72
18.35
29.72
22.13
52,631,066
5/13/2020
17.56
17.41
23.50
23.42
24,297,284
5/12/2020
17.61
16.20
17.72
16.99
5,685,993
5/11/2020
16.05
15.80
17.40
17.05
10,312,258
5/8/2020
14.74
14.62
15.65
15.50
6,554,539
5/7/2020
14.20
13.87
14.97
14.74
3,524,072
5/6/2020
14.00
14.00
14.60
14.34
2,872,569
5/5/2020
14.54
13.65
14.74
13.85
4,958,613
5/4/2020
14.33
14.30
15.60
15.00
15,410,649
I thought I saw some flash trades above $10 right after close. Anyone else see those?
Opti
May 18, 2020: Updated report from analyst at
H.C. Wainwright & Co
Co-Diagnostics, Inc.
CODX: Price: $17.07; Market Cap (M): $469
Rating: Buy; Price Target: $35.00
Yi Chen, Ph.D. CFA
Raghuram Selvaraju, Ph.D.
1Q20 Results; 2Q20 Sales Eclipse Forecast; Reiterate Buy; Raising PT to $35
1Q20 top-line beat; 2Q20 revenue far exceeds our estimate. Last week, Co-Diagnostics reported its 1Q20 financial results. Total revenue was $1.5M, up from $0.1M in 4Q19, beating our projection of $1.1M. Net loss was $1.1M, or ($0.05) per share, roughly in line with our estimated loss of $1.0M. Management noted that 1Q20 revenue was driven by sales of the Logix Smart COVID-19 test, which has been sold through a network of distributors in nearly 50 countries as well as 15 U.S. states. In order to meet market demand, the company has increased its capacity of production at its Salt Lake City facility, its CoSara joint venture facility in India, and through Promega in the U.S. To date, the company has manufactured over 6M COVID-19 tests, and ordered components for an additional 20M tests to fill exiting and anticipated near-term orders. These represent over $100M worth of tests that are slated to be shipped in the coming months. Importantly, management disclosed that 2Q20 revenue up to May 14 was $16.5M, which is more than twice our projected revenue for the entire second quarter at $6.6M. Given the higher-than-expected market demand for COVID-19 testing, we have increased our 2Q20 revenue projection to $27M, and our 2020 revenue projection to $83.5M from $37.1M. We project that 2020 would be a profitable year for Co-Diagnostics. Our projected revenue for the next 12 months (from 2Q20 to 1Q21) is $108M. We believe the growth in testing revenue could be driven by the need to test asymptomatic populations in order to allow those people to go back to work as the world’s economies reopen, as well as symptomatic subjects in hospitals. In addition, a potential second wave of COVID-19 in the coming fall/winter season may demand testing throughout the year into 2021. However, as the FDA grants more Emergency Use Authorizations (EUAs) to PCR tests developed by different firms, competition in the U.S. may increase. Therefore, we have decreased the enterprise value-to-sales (EV/Sales) multiple to 9X from 12x. Applying 9x multiple to $3.92 sales per share leads to a value of approximately $35 per share. Therefore, we reiterate our Buy rating while raising the 12-month price target to $35 from $20 per share.
Massive scale testing is required for a free society. As pointed out in Roadmap to Pandemic Resilience published by Harvard University, the U.S. needs to deliver 5M tests per day by early June to deliver a safe social reopening. This number needs to increase over time (ideally by late July) to 20M a day to fully remobilize the economy. The value of this approach is that it can prevent cycles of opening up and shutting down. Though we are not certain if this scale of testing could be achieved within the next three months, we believe the volume of testing, particularly the gold standard—PCR testing—should see continuous growth in the coming months to enable a return to pre-COVID economic activities. The competitive landscape notwithstanding, we believe the scale of the unmet need is so large that Co-Diagnostics should continue to achieve robust sales growth even in the presence of competing tests.
New COVID-19 tests in development. The company is developing new tests to address additional challenges posed by the COVID-19 pandemic: (1) a multiplex panel to differentiate between the COVID-19 virus and other upper respiratory pathogens; (2) a test for the D614G mutation in SARS-CoV-2, which since March has become the most common strain in the U.S.—potentially more infectious and leading to higher viral load in patients—while the current marketed test can detect SARS-CoV-2 regardless of the mutation, the new test can distinguish between strains with and without the mutation; and (3) a test using CoPrimers to simultaneously identify both the virus and the antibody associated with a past infection in a single test. In our view, these new tests could differentiate the company’s test offerings from other PCR tests and further drive market adoption of CoPrimer-based COVID-19 testing.
Saliva-based testing could see wide adoption. Last month, researchers at the Yale School of Medicine and the Yale School of Public Health published their findings that saliva is more sensitive than nasopharyngeal swabs for SARS-CoV-2 detection in COVID-19 patients. In our view, these results further necessitate the use of saliva-based testing for higher sensitivity, reduction of exposure for healthcare providers, and convenience for test subjects. Of note, Co-Diagnostics’ partner, OralDNA Labs, has validated a COVID-19 PCR test (OraRisk COVID-19 PCR test) based on the company’s CoPrimer technology for use with saline oral rinse samples. OralDNA Labs has filed its EUA application to the FDA. In addition, Clinical Reference Laboratory, which is based in Lenexa, KS and one of the largest privately-held clinical testing laboratories in the U.S., has also developed a saliva-based COVID-19 test using Co-Diagnostics’ reagents. We believe saliva is the best method of sample collection to enable large-scale population screening in order to help economies return to normal levels. We note that Co-Diagnostics’ test was selected by these established partners for its high accuracy, low cost, and the capability of high throughput testing. Wide adoption of saliva-based testing products by these partnering firms could help drive Co-Diagnostics’ top-line growth in the coming quarters, in our view.
Logix Smart COVID-19 test performance has been independently validated multiple times. We note that the company’s COVID-19 test has been independently validated by PathWest Laboratories in Australia, the Indian National Institute of Pathology, and the Mexican Department of Epidemiology (InDRE), all of which confirmed the performance characteristics of 100% sensitivity and 100% specificity. In addition, Mexican Government’s InDRE results demonstrate a limit of detection of 13.5 copies per sample. Accordingly, the Logix Smart COVID-19 test has been approved for sale in Mexico, and CoSara’s Saragene COVID-19 has been approved for sale in India. These validation reports can be accessed through the company’s website. We note that OralDNA Labs and Clinical Reference Laboratory, which are based in the U.S., have also independently validated the company’s CoPrimer-based COVID-19 test.
Cash runway and profitability. At the end of March 2020, the company had $17.4M in cash. Cash flows from operating activities during 1Q20 were ($1.3M). We currently estimate that the company could be profitable starting from 2Q20. The company should have sufficient capital if additional expansion of work force or facilities is required to support top-line growth, in our view.
Valuation and risks. Our 12-month price target is based on an enterprise value-to-sales (EV/Sales) multiple of 9x and projected sales of $3.93 per share for the next 12 months ($108M sales from 2Q20 to 1Q21, and 27.5M shares outstanding). Sales of CoSara have yet to be integrated into the company’s top-line revenue. Risks include, but are not limited to: (1) lower-than-projected uptake of products; (2) inability to maintain regulatory compliance; (3) inability to develop additional products targeting segments beyond infectious disease in developing markets; and (4) potential dilution risk.
Opti
Ask on Etrade is $16.90
Opti
A Reminder
Today is Friday. Wednesday we opened at $17.09. The current pre-market price is $20.13.
Perspective helps immensely.
Opti
But remember, this is Sorrento. They have burned me before.
Opti
EXCLUSIVE — A California-based biopharmaceutical company claims to have discovered an antibody that could shield the human body from the coronavirus and flush it out of a person’s system within four days, Fox News has exclusively learned.
Later Friday, Sorrento Therapeutics will announce their discovery of the STI-1499 antibody, which the San Diego company said can provide "100% inhibition" of COVID-19, adding that a treatment could be available months before a vaccine hits the market.
"We want to emphasize there is a cure. There is a solution that works 100 percent," Dr. Henry Ji, founder and CEO of Sorrento Therapeutics, told Fox News. "If we have the neutralizing antibody in your body, you don't need the social distancing. You can open up a society without fear."
https://www.foxnews.com/science/covid-cure-california-biopharmaceutical-coronavirus-antibody-breakthrough
Opti
Sorry you came back to this, TS. Even though this is the 3rd time this has happened to me, I still can't truthfully look back at this morning and figure I should have seen it coming and sold. It came out of nowhere and hit in two massive flash trades. How this can be legal and allowed under computer trading is beyond me.
The company is solid and all the fundamentals that drove me to buy remain. I can't anticipate fraudulent manipulation and certainly cannot trade stocks based on hindsight.
I will continue to hold, even though I expect the shorting to continue. One thing I have learned about shorts is that they are greedy. Instead of covering tomorrow they will short this further like sharks smelling blood.
Whatever, I prefer a buyout anyway to avoid taxes on the gains, so I will just blindly hold and continue to live my life in a manner I pray is pleasing to God, not man and certainly not for money.
Ecclesiastes 8:16-17 (ESV) 16 When I applied my heart to know wisdom, and to see the business that is done on earth, how neither day nor night do one’s eyes see sleep, 17 then I saw all the work of God, that man cannot find out the work that is done under the sun. However much man may toil in seeking, he will not find it out. Even though a wise man claims to know, he cannot find it out.
Opti
Will Abbot buy CODX?
https://insiderfinancial.com/will-abbott-labs-nyseabt-buy-co-diagnostics-inc-nasdaqcodx/179911/
Abbott’s Failure
According to an NYU study and regardless of method of collection and sample type, Abbot ID NOW COVID-19 missed a third of the samples detected positive by Cepheid Xpert Xpress when using NP swabs in VTM and over 48% when using dry nasal swabs. This is a huge disappointment for Abbott and puts the company way behind Co-Diagnostics when it comes to COVID-19 testing. To save face, Abbott needs to make a move. Buying Co-Diagnostics would solve Abbott’s problems.
Bottom Line
Currently trading with a market cap of just $611 million, a buyout of Co-Diagnostics would be a drop in the bucket for $163 billion market cap Abbott Labs. The news from the FDA became a game changer for Co-Diagnostics. The need for testing is urgent and over 300 million Americans need to be tested. Do the math and with or without a buyout, there’s a lot of money to be made in Co-Diagnostics.
Good luck to all (except the shorts)!
Opti
So, was the runup part of this hit or was the hit a reaction to it. Often when a stock rockets for five days (especially the final 24 hours), we see the massive hit and forget where the pps was just one week ago. On May 8th (last Friday) the pps was $14.74. It then rose daily and literally skyrocketed yesterday and this morning, mainly in after market hours. So, what seems like a huge hit was really still a good week.
On Monday I was hoping for $21 after the earnings report. That target may still be realized tomorrow. Right now we sit at $20.27. $30 seemed unreal and was, but what I wonder is whether the runup to $30 was part of the trap.
Any thougthts on this?
Opti
Minus the hit piece and the screw-ups of the conference call, the actual transcript confirms all we were hoping for, minus an announcement of a buyout. Revenue is solid and is increasing. Sales are positive going forward. Just the one week of sales exceeded the revenue of all of last year.
We may continue some painful short selling in the near term, but for the next year we look solid.
All the more reasons I will continue to hold.
Opti
The conference call transcript--Part 2
Reed Benson — Chief Financial Officer
I would like to highlight a few financial elements from this earnings release.
Overall gross profit for the quarter was $1.07 million. Of the $1.5 million of sales in the first quarter as shown in our report, the vast majority were in the month of March as we scaled up production to fill orders for our COVID-19 test that we received following our CE marking.
So far in Q2 we have already seen revenue grow significantly to more than $16.5 million, resulting in year-to-date revenues of over $18 million in test and equipment sales.
The cost of sales for our tests kits in the first quarter was approximately 28.5%, which generated margins that we believe would continue through the second quarter.
Our operational expenses in our Sales and R&D departments were basically flat year to year. Our G&A expenses were significantly higher at $1.46 million.
Loss per share was $0.05, compared to $0.09 in the same quarter last year.
Our total liabilities and stockholders’ equity at the end of the first quarter was $20.5 million, compared with $2.2 million at the end of the first quarter of 2019, as a result of capital raising activities in this quarter which yielded net proceeds of approximately $18 million.
So far in 2020 we have fully covered all of our operational expenses and increases in raw materials inventory totaling approximately $12 million through cash collections generated from test sales. Our cash position has therefore remained fairly constant throughout the ramp up in the 1st quarter and the beginning of the second.
Co-Diagnostics remains debt-free, with a solid balance sheet, and with revenues that have enabled us to achieve year-to-date net profit by May 14, 2020.
Opti
The conference call transcript--Part 1
Dwight Egan — Chief Executive Officer
Thank you, and good afternoon, everyone. The COVID-19 pandemic has affected us all in many ways and this global crisis has demonstrated the importance of diagnostics solutions in treating infectious disease.
Our patented CoPrimer™ platform is designed to rapidly generate unique testing solutions, aiding in patient treatment by providing reliable, actionable results, especially in times of crisis as seen in our response to the coronavirus pandemic. COVID-19 has highlighted the overall importance of molecular diagnostics and the critical role that our CoPrimer platform plays in fighting infectious disease.
The Logix Smart™ COVID-19 test design and underlying technology has become an important part of the fight against the pandemic in many parts of the world, and was the driver of Company revenue in the first quarter. Following FDA emergency use authorization being granted just 3 days into the second quarter, orders for our test expanded even more vigorously. As of the mid-point in the second quarter we have significantly exceeded the second quarter estimates of analysts covering the Company, and we are pleased to announce that we are already solidly profitable for the second quarter based on results to date.
All in all, we have received orders from nearly 50 countries and a large number of states in the U.S. We have increased our capacity for production with our Salt Lake City facility, our CoSara joint venture facility in India, and through a third-party manufacturer in the United States. In addition to manufacturing more than 6 million COVID-19 tests to date, we have ordered components for an additional 20,000,000 tests which we will use to fill existing orders, as well as other orders anticipated in the near term.
At the present time, timelines for effective coronavirus vaccines and therapeutics remain uncertain. What is widely known is that the need for testing on a mass scale continues to grow, as the U.S. and countries around the world strive to create COVID-safe schools, COVID-safe workspaces, and COVID-safe communities. In the United States for example there are more than 76 million students that need to be in school this fall along with 157 million workers who need to be at work.
During the pandemic, Co-Diagnostics’ ability to utilize its patented CoPrimer technology in highly accurate tests has significantly changed the trajectory of our Company. Co-Diagnostics was the first U.S. based company to receive a CE marking for its COVID-19 test, giving us an early entry into the European market as well as other areas of the world that accept CE marking as valid regulatory approval. In addition, being granted the FDA’s emergency use authorization on April 3rd has been critical in fast-tracking the Company’s COVID-19 diagnostic solution.
We believe that test performance, combined with competitive pricing and high throughput attributes, makes for a compelling value proposition. Our COVID-19 test has been the subject of several independent studies validating its specificity and sensitivity, which have demonstrated its excellent performance characteristics. Last week, I read with interest a statement regarding our technology and test from Clinical Reference Laboratory, one of the largest privately-held clinical testing laboratories in the U.S., and a customer of Co-Diagnostics.
I quote the following from that statement with their permission:
“At the foundation of a quality COVID-19 test is the methodology. For the molecular COVID-19 test, CRL’s Molecular Diagnostics team thoroughly investigated numerous technologies that could be leveraged for test design. Ultimately, the Co-Diagnostics Logix Smart Coronavirus COVID-19 RT-PCR assay was selected for the detection of the virus. This reverse-transcriptase quantitative PCR assay (RT-qPCR) uses proprietary CoPrimer technology that improves the specificity of the test compared to others. The test targets the RdRp gene of the SARS-CoV-2 virus which has a low mutation rate compared to other regions of the viral genome.”
In addition to our technology being utilized by CLIA labs, some of whom are using innovative sample collection methods such as saliva or saliva combined with nasal swabs designed to make testing easier and more accessible, the Company is currently engaged in new test developments designed to address the challenges of the coronavirus as conditions evolve over the coming months and years. Specifically, we have authorized a feasibility study aimed at developing a test using CoPrimers to simultaneously identify both the virus and the antibody associated with a past infection in a single test.
In anticipation of future testing needs, Co-Diagnostics is developing a multiplex panel to differentiate between the COVID-19 virus and other upper respiratory pathogens. In addition, we have also already designed a test for the D614G mutation which since March has become the most common strain in the United States and worldwide. A recent paper has indicated that the mutation might result in a more transmissive form of the virus and higher viral load in COVID-19 patients. Our current test is still designed to detect SARS-CoV-2 whether the mutation is present or not. However, if research confirms that this is a functional mutation, we will respond quickly with a differentiation test designed to distinguish between strains with and without the mutation. While the new mutation may or may not become necessary to identify, we anticipate being ready with a solution. As we demonstrated in the development of our first COVID-19 test, the Company is capable of rapid test development as we pivot and adapt to the ongoing challenges that will be faced in battling the coronavirus.
We are focused on the COVID-19 pandemic, but without losing sight of our other important verticals. Beyond COVID-19 testing, other infectious diseases and molecular diagnostic applications are an important area of focus for our company and will be a key driver of revenue growth over the longer term. Our primary initiatives in infectious disease (including Indian CDSCO IVD-cleared tests for TB, hepatitis B, hepatitis C, malaria and HPV, and a CE-marked multiplex for Zika/dengue/chikungunya), along with our AgriBio and mosquito vector products, all provide opportunities for the Company now and in the future. All of these initiatives are now in revenue and we are pleased to see the adoption of our tests and technology in many parts of the world. We believe that our growing network of nearly 50 distributors covering over 80 countries will prove important for future sales.
Opti
Maybe they will redo the call.
Opti
Today's coordinated hit-piece and short attack is the third time I have seen this happen and all three times were on stocks I owned at the time: APT, INO, and now CODX. I will hold until next earnings and reap then what I was expecting today. Folks, this is simply the world we live in today. Very corrupt.
Opti
Totally impossible to predict. This one is in hands that are much more in the know than those of us posting on I Hub.
Opti
no, I think it is mere hopeful speculation. But, it sounds reasonable.
Hoping.
Opti
great move TS; welcome back.
I also am very cautious about sharing my investments with my wife. My goal is to someday simply show her the bottom line.
Opti
Pre-Market
Volume 906,125
Pre-Market High $31.40 (07:00:00)
Pre-Market Low $27.00 (04:00:00)
Opti
Extended hours
Last Price $28.80
Change +5.38 (+22.97%)
Bid x Size 28.75 x800
Ask x Size 28.80 x600
So, the talk is that this is about more than earnings. It looks like this could signal a potential buyout. The rumored company is DHR. The stock sells for around $160/share. The company just did a $3 billion stock offering. The purpose of the offering is stated below. Following that is an overview of the company.
Danaher anticipates using the net proceeds for general corporate purposes, which may include, without limitation and in our sole discretion, funding potential future acquisitions and investments, working capital, capital expenditures, investments in or loans to our subsidiaries, refinancing of outstanding indebtedness, refinancing of outstanding capital securities, share repurchases (including, but not limited to, repurchases of our common stock), dividends and satisfaction of other obligations.
Company Overview
Danaher Corporation (Danaher) designs, manufactures and markets professional, medical, industrial and commercial products and services. The Company operates through three segments: Life Sciences, which offers a range of research tools that scientists use to study the basic building blocks of life, including genes, proteins, metabolites and cells, in order to understand the causes of disease, identify new therapies and test new drugs and vaccines; Diagnostics; which offers analytical instruments, reagents, consumables, software and services; and Environmental & Applied Solutions, which consists of various lines of business, including water quality and product identification. Danaher's research and development, manufacturing, sales, distribution, service and administrative facilities were located in over 60 countries.
Company Contact
Headquarters
2200 Pennsylvania Ave NW Ste 800w
Washington, DC 20037-1731
http://www.danaher.com/
Opti
Hoping for a Buyout by a large stable company that pays dividends. That way, I don't have to watch the stock all the time concerned about short attacks. I could just sell the stock and lock in my gains, but then the tax cost would be huge and I would forfeit any future gains should the pps continue to rise or a future buyout occur.
Nice problem to have, yes?
This is a great stock.
Opti
TS: Where have you been?
I trust you are well and still in this.
Should be an exciting next two days.
Opti
After Hours
Last Price $17.32
Change +0.330 (+1.94%)
Bid x Size 17.27 x400
Ask x Size 17.33 x200
Opti
Co-Diagnostics, Inc. Announces Q1 2020 Earnings Release Date and Earnings Call
by Co-Diagnostics | May 12, 2020 | Uncategorized |
Salt Lake City, Utah – May 12, 2020 – Co-Diagnostics, Inc. (Nasdaq:CODX) (the Company), a molecular diagnostics company with a unique, patented platform for the development of diagnostic tests, announced today that it will release its first quarter 2020 earnings on May 14, 2020 after the close of trading on that day, and will hold an earnings call at 4:30 pm EDT. The call is expected to consist of prepared remarks by Company CEO Dwight Egan, and include mid-quarter guidance for the second quarter 2020. Analysts providing coverage for Co-Diagnostics will also be invited participate in a question and answer session.
U.S. callers may dial toll free at 1-877-309-2073. International callers can access the call by dialing +1-646-749-3129. The access code to join the call is: 531-241-589. The call will be recorded and later made available on the Company’s website.
About Co-Diagnostics, Inc.:
Co-Diagnostics, Inc., a Utah corporation, is a molecular diagnostics company that develops, manufactures and markets a new, state-of-the-art diagnostics technology. The Company’s technology is utilized for tests that are designed using the detection and/or analysis of nucleic acid molecules (DNA or RNA). The Company also uses its proprietary technology to design specific tests to locate genetic markers for use in industries other than infectious disease and license the use of those tests to specific customers.
Opti
sometimes it appears to be directed toward offering shorts an opportunity to cover. Thus, the wide margin between the bid and ask.
Opti
Pre-Market looking good
Extended hours
Last Price $17.62
Change +0.57 (+3.34%)
Bid x Size 17.62 x2,000
Ask x Size 17.78 x200
Opti
I hope we are not missing something. It is a small company and has few analysts following it. I would guess that is because of its small size (23) employees and meager revenues (less than $300,000 in 2019).
BUT going forward we have the company making 3 million test kits a week in the US. If these are sold for $7 each, that adds up to $21 million in revenue per week and over $1 billion per year. This is not counting the production in India. We are told they are selling tests to 50 countries and 20 states.
How is this not a $100/share stock? Is it because of lack of analyst coverage? Or, is there something we simply do no know?
How do we increase exposure and get some big time analysts to give this a boost?
Opti
Capital Resources
As of March 31, 2020, cash and cash equivalents and short-term investments were $270.0 million compared to $89.5 million as of December 31, 2019. As of March 31, 2020, the Company had 145,915,100 common shares outstanding and 178,731,214 common shares outstanding on a fully diluted basis, after giving effect to the exercise, vesting and conversion, as applicable, of its outstanding options, restricted stock units, convertible preferred stock, and convertible debt.
The end of quarter cash position included net proceeds of $208.2 million the Company received by selling 43,148,952 shares of common stock during the three months ended March 31, 2020 under an at-the-market (ATM) sales agreement.
Subsequent to the quarter, the Company sold an additional 12,041,178 shares of common stock for net proceeds of $121.7 million, under an ATM agreement entered into on April 3, 2020, to sell shares of common stock with aggregate gross proceeds of up to $150 million.
INOVIO's balance sheet and statement of operations are provided below. Additional information is included in INOVIO's quarterly report on Form 10-Q for the quarter ended March 31, 2020, which can be accessed at: http://ir.inovio.com/investors/financial-reports/default.aspx.
Opti
INOVIO First Quarter Highlights
Infectious Diseases
INO-4800: COVID-19
Since achieving initial funding from the Coalition for Epidemic Preparedness Innovations (CEPI) in January, INOVIO advanced INO-4800 from vaccine construct to human dosing in just 83 days and initiated Phase 1 clinical testing at two sites in the U.S. on April 6. Within three weeks the 40 healthy volunteers study was fully enrolled. Interim immune responses and safety results are expected in late June.
Study participants will receive two doses of INO-4800 four weeks apart. The Phase 1 study is designed to assess the safety profile and immunogenicity of INO-4800 in support of advancing to a larger Phase 2/3 efficacy trial, which is being prepared to start this summer upon regulatory approval.
INOVIO also received significant funding from government and private sources to support vaccine development and manufacturing scale-up as well as forge a critical partnership to advance the development of INO-4800 in South Korea and China.
Funders include:
The Coalition for Epidemic Preparedness Innovations (CEPI), which awarded INOVIO a total grant to date of $17.2 million to support INO-4800 Phase 1 clinical trial in the US and a second Phase 1/2 clinical trial in South Korea.
The Bill & Melinda Gates Foundation, which awarded INOVIO a $5 million grant on March 12 to accelerate testing and production scale-up of the company's proprietary, commercial-grade CELLECTRA® 3PSP smart device, which provides intradermal delivery of INO-4800. INOVIO plans to accelerate the testing and scale-up of the CELLECTRA 3PSP devices to support large-scale manufacturing of INO-4800 doses by the end of 2020.
The Department of Defense, which awarded Ology Bioservices $11.9 million on March 24 to work with INOVIO on DNA technology transfer to rapidly manufacture DNA vaccines. This work is supported by the Office of the Assistant Secretary of Defense for Health Affairs with funding from the Defense Health Agency.
In addition, INOVIO is collaborating with Beijing Advaccine Biotechnology Co. to advance the development of INO-4800 in China. INOVIO will leverage Advaccine's expertise to conduct a Phase 1 trial in China in parallel with INOVIO's clinical development efforts in the U.S. and South Korea. INOVIO and Advaccine plan to seek additional funding and collaboration opportunities to support the advancement of INO-4800 in China.
Preclinical research data has been accepted for a peer-reviewed publication in Nature Communications, demonstrating robust antibody and T cell responses in several animal models with INO-4800 vaccination. INOVIO is also conducting several animal challenge studies with leading organizations like Public Health England and the Commonwealth Science and Industrial Research Organization (CSIRO) in Australia.
Opti
Senior administration officials said earlier on Monday that the federal government will begin distributing $11 billion from the latest relief bill to boost state testing efforts. The funds will be allocated based on states’ population size and how heavily they have been impacted by the outbreak.
For weeks the White House has resisted calls to set specific testing goals or metrics. And Trump has reiterated that governors are responsible for testing.
But administration officials said the federal government will now provide states with enough supplies to meet their testing goals. At a minimum, the White House wants all states testing at least 2 percent of their populations, though the administration has declined to elaborate on how that number was reached.
https://www.foxnews.com/politics/trump-says-states-will-be-able-to-test-more-people-in-may-than-south-korea-has-in-total
Opti
PR Newswire
PLYMOUTH MEETING, Pa., May 11, 2020 /PRNewswire/ -- INOVIO (NASDAQ: INO), a biotechnology company focused on rapidly bringing to market precisely designed DNA medicines to protect and treat people from infectious diseases, cancer, and diseases associated with HPV, today reported financial results for the quarter ended March 31, 2020. INOVIO's management will host a live conference call and webcast at 4:30 p.m. Eastern Time today to discuss financial results and provide a general business update, including the company's development of INO-4800, one of the leading COVID-19 vaccine candidates currently in U.S. Phase 1 clinical trials.
INOVIO's President and Chief Executive Officer Dr. J. Joseph Kim said, "INOVIO had a very productive first quarter, laying the foundation for a transformative year for the company. Our recent and ongoing clinical developments across all of our programs continue to demonstrate the differentiating value and broad applicability of our DNA medicines platform. When the COVID-19 pandemic emerged in early January, INOVIO was able to leverage its DNA medicines platform and early funding from CEPI to be one of the first companies to advance a vaccine candidate for COVID-19 into a Phase 1 clinical trial. INOVIO's dedicated team of vaccine developers was able to quickly build and expand a global coalition of collaborators, partners, manufacturers, and funders to advance the INO-4800 program.
"Most importantly, while safely conducting global clinical trials during this COVID pandemic has been a significant challenge, INOVIO is on track to deliver key 2020 clinical and regulatory milestones including the planned reporting of REVEAL 1 Phase 3 top-line efficacy data for VGX-3100 in Q4 and the presentation of 12-month overall survival results from the Phase 1/2 clinical trial of INO-5401 immunotherapy in a very hard to treat cancer in glioblastoma multiforme (GBM) at the ASCO20 Virtual Conference later this month."
opti
Inovio Pharmaceuticals EPS misses by $0.03, misses on revenue
May 11, 2020 4:11 PM ET|About: Inovio Pharmaceuticals,... (INO)|By: Mohit Manghnani, SA News Editor
Inovio Pharmaceuticals (NASDAQ:INO): Q1 GAAP EPS of -$0.26 misses by $0.03.
Revenue of $1.33M (-52.8% Y/Y) misses by $0.58M.
Shares +2.5%.
Press Release
INOVIO Reports First Quarter 2020 Financial Results; Provides Business Update
Mon May 11, 2020 4:05 PM|PR Newswire|About: INO
- Phase 2/3 efficacy trial for INO-4800 to start this summer upon regulatory approval
- Preclinical data manuscript for INO-4800 accepted for publication in Nature Communications; Several animal challenge studies currently ongoing
- Additional clinical trials for INO-4800 in China and South Korea to start this summer
- Positive interim data reported for VGX-3100 in Phase 2 clinical trials in precancerous anal and vulvar dysplasias
- INO-3107 advances to Phase 1/2 clinical trial to treat rare, orphan disease recurrent respiratory papillomatosis (RRP)
- 12-month overall survival efficacy data from INO-5401 in GBM to be presented at the American Society of Clinical Oncology (ASCO20)
https://seekingalpha.com/pr/17867054-inovio-reports-first-quarter-2020-financial-results-provides-business-update
Should see big gains tomorrow and Tuesday on earnings and forward statement. Should also be a good test for the law suits. If pps goes up sufficiently then no losses and thus no basis. However, if shorts put forth false reports to drive pps down, then the law suits will reverse course. Will Citron time another hit piece?
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CNN: there is no downside to increased testing.
White House Economic Adviser Kevin Hassett admitted “there is no downside” to increased coronavirus testing in the US.
“There is no downside. In fact we could use every single test that we can generate. And that's something that we're working overtime on ramping up testing. We tested about 300,000 people I think on Thursday,” he told CNN on Sunday. “And there are some new tests that are being approved. You're exactly right, the objective is to get as much testing as possible.”
Opti
you have to carefully follow the rules. i.e. you have to stay on the topic of the thread--the company. you cannot comment on a poster, only the company.
Thus, if a poster makes a false comment, you cannot say, "you post this lie because you are short and are posting lies to drive the price down." You, instead, should simply post the counter to the false statement and make no comment on the poster.
when you post a comment on another poster, that poster files a TOS violation complaint and your post is removed. usually the reason given is "off topic" because you commented on the poster rather than the company.
note: this works both ways. if you file a TOS complaint against another poster and state the rule they broke, their post will be removed.
On April 30th, 2020, during the turmoil of the Covid-19 pandemic , Citron Research and Executive Editor Andrew Left published a paper entitled, "Inovio Pharmaceuticals (INO) – Bad Blood, The COVID19 Version of Theranos – Target $1", in an attempt to deceive the investing public that Inovio Pharmaceuticals (INO) was somehow “…guilty of issuing highly misleading information to pump the company’s stock price in response to the latest outbreak...taking advantage of retail investors while they’re stuck in quarantine.” The irony in the Citron thesis has Inovio investors taking notice.
Additionally, this article will discuss the points made by Citron’s article and offer a ‘point-by-point’ counter argument. The purpose is to enable the reader to decide for themselves whether Inovio is pumping the company’s stock with “misleading information”, or whether they're following SEC regulations and reporting 21st century discoveries to investors.
Finally, after reading this article, you will be able to decide for yourself whether Citron’s claim is clear and convincing research information or another targeted short attack. The share price of Inovio reached a 52W high of $19.36 on the morning of March 09, 2020, before Citron Research issued their Tweet on the same day. Following the Tweet, the share price fell to its low of the day at $8.54 before it closed at $9.82 for the day. The following day, March 10, 2020, the Inovio share price extended their share price decline to a low of the day of $5.70 shaving off $13.66 in two days.
The proper suits should be aimed at Citron who manipulated the pps to steal investors' money.
And I suggest you read the Seeking Alpha response to Citron
Inovio said they designed a vaccine, using their computer model. We all read the press release and watched 60 minutes. Total honesty.
Opti
INO Saying it designed a vaccine was just the beginning of Inovio's tricky misrepresentation. Inovio proclaimed on more than one media forum it had come up with a vaccine.
Inovio did not say it had come up with a vaccine
Inovio (INO) has a long history of artful, shady representations.
When I called Inovio out on this deception of saying it had made a vaccine for Corona Virus-19, it began to add qualifiers like, vaccine "candidate" and vaccine "construct". But the damage to investors had already been done. By saying it had come up with a vaccine, the share price shot up. Then when Inovio back peddled by subsequently calling it a "candidate" and "construct", and Citron did its revealing Inovio (INO) publication, the share price tumbled. A new set of Inovio (INO) bag holders had been created.
Inovio does not have a history of deception
I think Inovio (INO) is in serious trouble this time. I think it has finally been caught and long overdue, in my very firm opinion.
Inovio is headed toward the development of a vaccine
The payout in damages could be quite substantial, in the millions based on volume and legal costs.
The investing public should be grateful to those who have called out Inovio (INO) over the years, including Citron most recently.
Citron is a fraud; the investing public should be made aware of that
INO And therein lies the problem with this purported rebuke. Inovio (INO) DID NOT design a vaccine in three hours. It designed a VACCINE CANDIDATE- a lot different than a vaccine, which implies something effective and approved!
The very plain language is that INO DESIGNED a vaccine. Implications of proven effectiveness are not claimed.
This is why Inovio (INO) is being sued, for making the same false claim, that they had a "vaccine".
They did not claim they HAD a vaccine. The clear language speaks to DESIGN.
In my opinion Citron was absolutely correct to call Inovio (INO) for the fallacy of its assertion, as I have done.
The Citron claim is bogus
New readers: Inovio (INO) is a long time Pump & Dump play that has never produced an approved product in its approximately forty years existence.
The dumps are staggering, 73% from one day to the next, not long ago.
Unless you are an expert penny player, because INO is a penny stock when reverse split is accounted for, stay away from this world wide PRing POS.
The history is accessible to anyone with a computer. It speaks for itself. The above opinion is not fact, it is opinion.
MG
NO position in INO whatsoever for years
40,000 online stock posts of integrity, all as MiamiGent
Number of posts is irrelevant
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