Shares of Inovio Pharmaceuticals (NASDAQ: INO) were soaring 19.7% higher as of 11:07 a.m. EST on Friday. The big jump came after Oppenheimer analyst Hartaj Singh initiated coverage on Inovio with an outperform rating. Singh also set a $35 price target for the stock.
It’s not a good idea to buy a biotech stock just because a Wall Street analyst likes it. However, it is a good idea to learn why an analyst is so bullish. So why does Oppenheimer’s Singh think Inovio could more than double within the next 12 months?