New York, June 1, 2026, 13:06 (EDT)
Inovio Pharmaceuticals shares moved lower Monday after H.C. Wainwright trimmed its price target for the DNA-medicine firm. The call brought attention back to dilution and an upcoming U.S. regulatory ruling expected this year. INO was recently at $1.275, off 2.7%. More than 1 million shares traded hands.
H.C. Wainwright cut its price target on the stock to $2.50 from $3.00 and kept a Neutral rating, market reports said. StreetInsider pointed to Raghuram Selvaraju as the analyst behind the move. Benzinga’s analyst-ratings page showed the firm made the target cut on June 1 and held its Neutral stance.
That’s in focus now as Inovio’s top candidate, INO-3107, is being reviewed by the U.S. Food and Drug Administration for recurrent respiratory papillomatosis, or RRP, a rare HPV-linked disease that leads to growths in the airway. The Biologics License Application comes with an FDA action date under the Prescription Drug User Fee Act set for Oct. 30, 2026, which is when regulators are expected to decide.
Inovio’s share count jumped again. The company’s latest quarterly filing said 82.3 million shares were outstanding as of May 12, more than the 69.1 million weighted average it used for first-quarter loss-per-share figures. In April, Inovio also finished a public offering: it sold 12.5 million shares and warrants at $1.40 each, pulling in about $16.0 million net.
H.C. Wainwright cut its price target on Inovio, tying the move to a higher share count, according to Investing.com. The firm pointed to competitor INO-3107’s RRP rival bringing in $21.6 million in first-quarter revenue. Wainwright also listed possible advantages for Inovio’s drug: not needing cold-chain logistics, and not requiring an extra surgical step during dosing.
Precigen’s PAPZIMEOS, the first FDA-approved RRP treatment for adults, launched in August 2025. Precigen posted $21.6 million in PAPZIMEOS sales for the first quarter of 2026, the first full quarter since launch. The stock was also lower Monday.
RRP is usually handled with repeat surgery, so any treatment that cuts down on procedures draws market focus. “Everybody is anxiously awaiting a new treatment for this disease,” Simon Best, associate professor of otolaryngology at Johns Hopkins Hospital, told Reuters after PAPZIMEOS got approved. Reuters
Inovio CEO Jacqueline Shea kept the focus on INO-3107 and the surgery problem. “We remain focused on advancing INO-3107 toward its target PDUFA date,” Shea said in the Q1 report. She also said Inovio sees a “critical unmet need” for RRP patients. PR Newswire
Inovio is still under financial pressure. The company turned in a first-quarter net loss of $19.7 million, or 28 cents a share. Operating expenses dropped to $21.9 million from $25.1 million a year ago. Cash, equivalents and short-term investments stood at $37.7 million as of March 31, before the April offering. Inovio said its cash should last into the first quarter of 2027.
Inovio is scheduled to present at the Jefferies Global Healthcare Conference in New York on June 4 and the World Orphan Drug Congress in Boston on June 11. The company said management will use the events to talk about the FDA review, commercial planning, and funding questions.
Stocks had a mixed to slightly positive tone at midday, with the Nasdaq showing the most strength. The move came as the first June session started with investors tracking oil and geopolitical news. Broader index gains were limited.
But there’s clear risk. Inovio said the FDA may decide that INO-3107 doesn’t qualify for accelerated approval. That would mean a Phase 3 trial through the traditional route. Inovio also disclosed it lacks enough working capital for its planned operations for the next year, raising “substantial doubt” about whether it can keep going. Securities and Exchange Commission
Inovio is stuck in a tight spot ahead of Monday. Traders are sizing up fresh dilution and another quarter of cash burn, while some are looking ahead to the FDA decision and new RRP sales. At $1.275, shares are now under the April raise and a long way from the year’s $2.98 high.
