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Fly News Breaks for May 30, 2019
AZN, INO
May 30, 2019 | 08:33 EDT
Citi analyst Joel Beatty lowered his price target for Inovio Pharmaceuticals (INO) to $7 from $10 after AstraZeneca (AZN) decided to discontinue activities with respect to its rights to co-develop up to two new DNA-based cancer vaccine product candidates. The analyst, however, says this is a good time to buy shares of Inovio. The company has three phase 1/2 immuno-oncology combo trials expected to readout in the second half of 2019, and the stock's risk/reward is attractive into the news, Beatty tells investors in a research note.