Stifel analyst Stephen Willey maintained a Buy rating and $7 price target Inovio, but noted that the company's updated BLA submission guidance for VGX-3100, which is now 12-18 months beyond the previously issued guidance, "represents an incrementally negative data point which further stretches [the analyst's] confidence in management's ability to efficiently execute on a P3 development program," and added that the asset in question represents "the primary driver of valuation" in the firm's model. Willey said this update will require changing his model to "provide a bridge to longer-term profitability."