Piper Jaffray analyst Christopher Raymond said Inovio (INO) presented what he considers interesting, "albeit preclinical," data on DNA-encoded bispecific T-cell engagers, or "d-BiTEs," that could offer the advantages of Amgen's (AMGN) BiTE technology while "also offering what we see as an elegantly simple approach to addressing the inherent half-life challenges of current BiTE technology." Raymond said he did not expect that the company would be working on DNA-encoded bispecifics and called the announcement "a significant pleasant surprise" from the American Association for Cancer Research Annual Meeting. Raymond keeps an Overweight rating on Inovio shares.