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Investors look to Lighten Up on Shares of Inovio Biomedical, Shares Down 23.1% (INO)

Published on Thu, 03/07/2013 - 11:23
By Peter Chu

Inovio Biomedical (AMEX:INO) is one of today's worst performing penny stocks, down 23.1% to $0.53 on 3.5x average daily volume. Thus far today, Inovio Biomedical has traded 5.2 million shares, vs. average volume of 1.5 million shares per day. The stock has underperformed the Dow (-23.1% to the Dow's 0.3%) and underperformed the S&P 500 (-23.1% to the S&P's 0.1%) during today's trading.

Potential upside of 239.4% exists for Inovio Biomedical, based on a current level of $0.53 and analysts' average consensus price target of $1.80. Inovio Biomedical shares should first meet resistance at the 200-day moving average (MA) of $0.57 and find additional resistance at the 50-day MA of $0.66.

In the past 52 weeks, Inovio Biomedical share prices have been bracketed by a low of $0.38 and a high of $0.83 and are now at $0.53, 40% above that low price. The 200-day and 50-day moving averages have moved 0.55% higher and 1.54% higher over the past week, respectively.

Inovio Biomedical Corporation is focused on developing multiple DNA-based immunotherapies. The Company develops applications of electroporation using brief, controlled electrical pulses to increase cellular uptake of a useful biopharmaceutical.

By Peter Chu