"Holding other factors constant...." I agree with your observation of the trading pattern & the likely cause... but a material, substantive announcement on one of INO's clinical study results... or a major partnership announcment would likely reverse this PPS stagnation.
The stock is right above the 52 week low and if it wasn't for the dumping the stock would be appreciably higher.
INO is a long-term conviction buy for me... I'm comfortable buying knowing that it could have 20-30% downside risk in the short term... but, as long as their IP, product pipeline, and management team are strong.... I'll put my money on the line.
Regardless of the actions of a couple of 7-headed hydra venture capitalists... the shareprice & market cap will eventually revert to the mean... i.e. dramatically above where it's at right now.