Inovio Pharmaceuticals Inc (INO)

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Inovio Pharmaceuticals Shares Fall 9% as Muddy Waters Says Company Lacks Capacity for COVID-19 Vaccine

MIDNIGHTTRADER - Updated 1 hour ago
12:06 PM EDT, 09/02/2020 (MT Newswires) -- Inovio Pharmaceuticals (INO) shares are down more than 9% in late morning trading after investment research firm Muddy Waters said in a tweet that it was short on the biotech firm, saying it was "ramped on hype" over a potential COVID-19 vaccine.

The short seller cited a recent court decision against Inovio that "makes it clear" it lacks manufacturing capacity to reach its goal of 1 million doses in 2020 and 100 million does in 2021. Muddy Waters said Inovio sued its primary supplier VGXI for a temporary injunction to force it to transfer manufacturing technology to 10 manufacturers, which VGXI has refused to do. The investor said that without the transfer, the "capacity doesn't exist."