Why Inovio Pharmaceuticals Is Gaining Today
Inovio Pharmaceuticals' (NASDAQ: INO) stock rose by more than 18.5% as of 2:30 p.m. ET on Wednesday after the company's Q2 earnings results broke the news of its plans to restructure its operations to conserve cash. The biotech will lay off 18% of its full-time employees while additionally reducing its contractor head count by a massive 86%. Inovio also announced the appointment of a new chief medical officer, Dr. Michael Sumner, which might be another contributing factor to the gain of its stock today.
