Cantor Fitzgerald analyst Charles Duncan attributes the "modestly disappointing" delayed BLA filling for VGX-3100 in cervical dysplasia to slower than expected enrollment in the second Phase 3 study. The analyst, however, prefers "modulated" enrollment while maintaining stringent inclusion and exclusion criteria. In addition, he believes the first key de-risking event for the cervical dysplasia program is the Phase 3 REVEAL-1 efficacy data. The analyst anticipates top-line results for REVEAL-1 in Q4 of 2020 and believes Inovio can deliver on this timeline as enrollment completion occurred in late June 2019. Duncan reiterates an Overweight rating on Inovio Pharmaceuticals with a $12 price target.