The CEO of Inovio Pharmaceuticals Inc (INO), Jong Joseph Kim, purchased 250,000 shares for $2,265,000 on August 12. The average price per share was $9.06.
Inovio was down 8% on its quarterly earnings, which the company reported before the market opened Tuesday. The company announced that it is planning to begin phase 3 trials for its lead vaccine prospect, VGX-3100. Phase 3 is the next-to-last phase in a drug's clinical trials.
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VGX-3100 is being developed as a non-surgical treatment for cervical pre-cancers. In phase 2 trials the treatment either reduced cervical intraepithelial neoplasia 2/3 (CIN2/3) to CIN1 or removed it.
"Our next generation vaccines have the potential to further enhance health and prolong life around the world," Dr. Kim writes on the company's website. "This is why I and my colleagues come to work each day and is the reason for hope for better vaccines tomorrow."
Inovio was originally incorporated on June 29, 1983, under the laws of California as Biotechnologies & Experimental Research, Inc. The company has a market cap of $558.200 million; its shares were traded at around $9.28 with and P/S ratio of 32.40.
This article first appeared on GuruFocus.