Shares of Inovio Pharmaceuticals Inc. INO, -3.76% were down 5.1% in premarket trading on Thursday, the day after the company announced a public offering of 17,700,000 shares at $8.50 per share. The stock closed Wednesday at $9.72. Inovio said it will use the proceeds to support its clinical pipeline, which includes ongoing development of its COVID-19 vaccine candidate, which is currently being tested in a mid-stage clinical trial, and general corporate expenses. The offering is expected to close Jan. 25. Inovio’s stock has rallied 173.0% over the past year, while the S&P 500 SPX, +1.39% is up 14.5%
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