Intrinsic value of Inovio Pharmaceuticals - INO

Previous Close

$5.46

  Intrinsic Value

$0.39

stock screener

  Rating & Target

str. sell

-93%

  Value-price divergence*

+23%

Previous close

$5.46

 
Intrinsic value

$0.39

 
Up/down potential

-93%

 
Rating

str. sell

 
Value-price divergence*

+23%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of INO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -14.63
  25.00
  23.00
  21.20
  19.58
  18.12
  16.81
  15.63
  14.57
  13.61
  12.75
  11.97
  11.28
  10.65
  10.08
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
  6.44
  6.29
  6.16
  6.05
  5.94
Revenue, $m
  35
  44
  54
  65
  78
  92
  108
  124
  143
  162
  183
  204
  228
  252
  277
  304
  331
  360
  390
  421
  454
  488
  523
  559
  597
  636
  677
  720
  764
  811
  859
Variable operating expenses, $m
 
  80
  98
  118
  141
  167
  195
  225
  257
  292
  329
  368
  409
  453
  498
  546
  596
  647
  701
  758
  816
  877
  940
  1,005
  1,073
  1,144
  1,218
  1,294
  1,374
  1,457
  1,544
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  112
  80
  98
  118
  141
  167
  195
  225
  257
  292
  329
  368
  409
  453
  498
  546
  596
  647
  701
  758
  816
  877
  940
  1,005
  1,073
  1,144
  1,218
  1,294
  1,374
  1,457
  1,544
Operating income, $m
  -76
  -36
  -44
  -53
  -63
  -75
  -87
  -100
  -115
  -130
  -147
  -163
  -181
  -201
  -221
  -242
  -264
  -287
  -311
  -336
  -362
  -389
  -417
  -446
  -476
  -508
  -540
  -574
  -610
  -646
  -685
EBITDA, $m
  -73
  -33
  -41
  -49
  -59
  -70
  -82
  -94
  -108
  -123
  -138
  -155
  -172
  -191
  -210
  -230
  -251
  -273
  -296
  -319
  -344
  -369
  -396
  -424
  -452
  -482
  -513
  -545
  -579
  -614
  -651
Interest expense (income), $m
  0
  0
  0
  1
  2
  2
  3
  4
  5
  5
  6
  8
  9
  10
  11
  12
  14
  15
  17
  18
  20
  21
  23
  25
  27
  29
  31
  33
  35
  37
  40
Earnings before tax, $m
  -74
  -36
  -44
  -54
  -65
  -77
  -90
  -104
  -119
  -136
  -153
  -171
  -190
  -211
  -232
  -255
  -278
  -302
  -328
  -354
  -382
  -410
  -440
  -471
  -503
  -536
  -571
  -607
  -645
  -684
  -724
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -74
  -36
  -44
  -54
  -65
  -77
  -90
  -104
  -119
  -136
  -153
  -171
  -190
  -211
  -232
  -255
  -278
  -302
  -328
  -354
  -382
  -410
  -440
  -471
  -503
  -536
  -571
  -607
  -645
  -684
  -724

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  105
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  174
  86
  106
  129
  154
  182
  212
  245
  281
  319
  360
  403
  449
  497
  547
  599
  654
  710
  770
  831
  895
  962
  1,031
  1,103
  1,178
  1,255
  1,336
  1,420
  1,508
  1,599
  1,694
Adjusted assets (=assets-cash), $m
  69
  86
  106
  129
  154
  182
  212
  245
  281
  319
  360
  403
  449
  497
  547
  599
  654
  710
  770
  831
  895
  962
  1,031
  1,103
  1,178
  1,255
  1,336
  1,420
  1,508
  1,599
  1,694
Revenue / Adjusted assets
  0.507
  0.512
  0.509
  0.504
  0.506
  0.505
  0.509
  0.506
  0.509
  0.508
  0.508
  0.506
  0.508
  0.507
  0.506
  0.508
  0.506
  0.507
  0.506
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
Average production assets, $m
  14
  18
  22
  26
  31
  37
  43
  50
  57
  65
  73
  82
  91
  101
  111
  121
  133
  144
  156
  169
  182
  195
  209
  224
  239
  255
  271
  288
  306
  324
  343
Working capital, $m
  81
  -4
  -5
  -7
  -8
  -9
  -11
  -12
  -14
  -16
  -18
  -20
  -23
  -25
  -28
  -30
  -33
  -36
  -39
  -42
  -45
  -49
  -52
  -56
  -60
  -64
  -68
  -72
  -76
  -81
  -86
Total debt, $m
  0
  13
  27
  44
  63
  83
  106
  130
  157
  185
  215
  247
  281
  316
  353
  392
  432
  474
  518
  563
  611
  660
  711
  764
  819
  877
  936
  998
  1,063
  1,130
  1,201
Total liabilities, $m
  50
  64
  78
  95
  114
  134
  157
  181
  208
  236
  266
  298
  332
  367
  404
  443
  483
  525
  569
  614
  662
  711
  762
  815
  870
  928
  987
  1,049
  1,114
  1,181
  1,252
Total equity, $m
  123
  23
  28
  34
  40
  47
  55
  64
  73
  83
  94
  105
  117
  130
  143
  156
  171
  185
  201
  217
  234
  251
  269
  288
  307
  328
  349
  371
  393
  417
  442
Total liabilities and equity, $m
  173
  87
  106
  129
  154
  181
  212
  245
  281
  319
  360
  403
  449
  497
  547
  599
  654
  710
  770
  831
  896
  962
  1,031
  1,103
  1,177
  1,256
  1,336
  1,420
  1,507
  1,598
  1,694
Debt-to-equity ratio
  0.000
  0.570
  0.990
  1.310
  1.560
  1.760
  1.910
  2.040
  2.140
  2.220
  2.290
  2.350
  2.400
  2.440
  2.470
  2.510
  2.530
  2.560
  2.580
  2.600
  2.610
  2.630
  2.640
  2.650
  2.670
  2.680
  2.690
  2.690
  2.700
  2.710
  2.720
Adjusted equity ratio
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -74
  -36
  -44
  -54
  -65
  -77
  -90
  -104
  -119
  -136
  -153
  -171
  -190
  -211
  -232
  -255
  -278
  -302
  -328
  -354
  -382
  -410
  -440
  -471
  -503
  -536
  -571
  -607
  -645
  -684
  -724
Depreciation, amort., depletion, $m
  3
  3
  3
  4
  4
  5
  5
  6
  7
  8
  8
  8
  9
  10
  11
  12
  13
  14
  16
  17
  18
  20
  21
  22
  24
  25
  27
  29
  31
  32
  34
Funds from operations, $m
  -64
  -33
  -41
  -50
  -61
  -72
  -84
  -98
  -113
  -128
  -145
  -162
  -181
  -201
  -221
  -242
  -265
  -288
  -312
  -337
  -364
  -391
  -419
  -448
  -479
  -511
  -544
  -578
  -614
  -651
  -690
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
Cash from operations, $m
  -63
  -32
  -40
  -49
  -59
  -71
  -83
  -96
  -111
  -126
  -143
  -160
  -179
  -198
  -218
  -240
  -262
  -285
  -309
  -334
  -360
  -387
  -416
  -445
  -475
  -507
  -540
  -574
  -610
  -647
  -685
Maintenance CAPEX, $m
  0
  -1
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -6
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -27
  -29
  -31
  -32
New CAPEX, $m
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
Cash from investing activities, $m
  16
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -14
  -14
  -16
  -17
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -30
  -31
  -34
  -36
  -37
  -40
  -41
  -44
  -47
  -49
  -51
Free cash flow, $m
  -47
  -37
  -46
  -56
  -67
  -79
  -93
  -107
  -123
  -140
  -157
  -176
  -196
  -217
  -239
  -261
  -285
  -310
  -336
  -362
  -390
  -419
  -449
  -480
  -513
  -546
  -582
  -618
  -656
  -696
  -737
Issuance/(repayment) of debt, $m
  0
  13
  15
  17
  19
  21
  23
  25
  26
  28
  30
  32
  34
  35
  37
  39
  40
  42
  44
  46
  47
  49
  51
  53
  55
  57
  60
  62
  65
  67
  70
Issuance/(repurchase) of shares, $m
  8
  41
  50
  60
  71
  84
  98
  113
  129
  146
  164
  182
  202
  223
  245
  268
  292
  317
  343
  370
  398
  428
  458
  490
  522
  556
  592
  629
  667
  707
  749
Cash from financing (excl. dividends), $m  
  8
  54
  65
  77
  90
  105
  121
  138
  155
  174
  194
  214
  236
  258
  282
  307
  332
  359
  387
  416
  445
  477
  509
  543
  577
  613
  652
  691
  732
  774
  819
Total cash flow (excl. dividends), $m
  -39
  16
  18
  21
  23
  25
  28
  30
  32
  34
  36
  37
  39
  41
  43
  45
  47
  49
  51
  53
  56
  58
  60
  62
  65
  67
  70
  73
  76
  79
  82
Retained Cash Flow (-), $m
  53
  -41
  -50
  -60
  -71
  -84
  -98
  -113
  -129
  -146
  -164
  -182
  -202
  -223
  -245
  -268
  -292
  -317
  -343
  -370
  -398
  -428
  -458
  -490
  -522
  -556
  -592
  -629
  -667
  -707
  -749
Prev. year cash balance distribution, $m
 
  105
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  81
  -31
  -39
  -48
  -59
  -70
  -83
  -97
  -111
  -127
  -144
  -162
  -182
  -202
  -223
  -245
  -268
  -292
  -317
  -343
  -370
  -398
  -427
  -458
  -489
  -522
  -556
  -591
  -628
  -667
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  77
  -29
  -34
  -40
  -46
  -51
  -56
  -60
  -64
  -67
  -69
  -69
  -69
  -68
  -65
  -62
  -58
  -54
  -49
  -44
  -38
  -33
  -28
  -23
  -19
  -15
  -12
  -9
  -7
  -5
Current shareholders' claim on cash, %
  100
  59.0
  35.0
  21.0
  12.7
  7.7
  4.7
  2.9
  1.8
  1.1
  0.7
  0.4
  0.3
  0.2
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Inovio Pharmaceuticals, Inc., a clinical stage biopharmaceutical company, develops active DNA immunotherapies and vaccines in combination with proprietary electroporation delivery devices to prevent and treat cancers and infectious diseases. Its SynCon immunotherapy design has the ability to break the immune system’s tolerance of cancerous cells; and SynCon product design is also intended to facilitate cross-strain protection against known, as well as new unmatched strains of pathogens, such as influenza. It has completed, current or planned clinical programs of its proprietary SynCon immunotherapies for HPV-caused pre-cancers and cancers, influenza, prostate cancer, breast/lung/pancreatic cancer, hepatitis C virus, hepatitis B virus, HIV, Ebola, Middle East Respiratory Syndrome, and Zika virus. The company has collaborative development agreements with GeneOne Life Sciences to co-develop an Ebola vaccine through Phase I clinical trials; and The Wistar Institute for preventive and therapeutic DNA-based immunotherapy applications, as well as products for cancers and infectious diseases. Inovio Pharmaceuticals, Inc. was founded in 1979 and is headquartered in Plymouth Meeting, Pennsylvania.

FINANCIAL RATIOS  of  Inovio Pharmaceuticals (INO)

Valuation Ratios
P/E Ratio -5.5
Price to Sales 11.6
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow -6.4
Price to Free Cash Flow -6
Growth Rates
Sales Growth Rate -14.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.3%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -38.1%
Ret/ On Assets - 3 Yr. Avg. -29.2%
Return On Total Capital -49.5%
Ret/ On T. Cap. - 3 Yr. Avg. -38%
Return On Equity -49.5%
Return On Equity - 3 Yr. Avg. -38%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -202.9%
EBITDA Margin - 3 Yr. Avg. -204.5%
Operating Margin -220%
Oper. Margin - 3 Yr. Avg. -234.3%
Pre-Tax Margin -211.4%
Pre-Tax Margin - 3 Yr. Avg. -215.7%
Net Profit Margin -211.4%
Net Profit Margin - 3 Yr. Avg. -214.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 2.2%
Payout Ratio 0%

INO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the INO stock intrinsic value calculation we used $35 million for the last fiscal year's total revenue generated by Inovio Pharmaceuticals. The default revenue input number comes from 2016 income statement of Inovio Pharmaceuticals. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our INO stock valuation model: a) initial revenue growth rate of 25% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for INO is calculated based on our internal credit rating of Inovio Pharmaceuticals, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Inovio Pharmaceuticals.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of INO stock the variable cost ratio is equal to 182.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for INO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Inovio Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for Inovio Pharmaceuticals. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the INO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for INO are equal to 40%.

Life of production assets of 10 years is the average useful life of capital assets used in Inovio Pharmaceuticals operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for INO is equal to -10%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $123 million for Inovio Pharmaceuticals - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 72.82 million for Inovio Pharmaceuticals is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Inovio Pharmaceuticals at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ Where Does Zika Virus Vaccine Research Stand Now?   [Aug-12-17 02:51PM  Benzinga]
▶ Inovio reports 2Q loss   [Aug-09-17 10:32PM  Associated Press]
▶ Analysts Recommendations for Regeneron in July 2017   [Aug-01-17 10:38AM  Market Realist]
▶ Biotech Movers: Sarepta, Inovio, Mylan   [09:38AM  TheStreet.com]
▶ Inovio Announces Pricing of Public Offering of Common Stock   [Jul-19-17 10:10PM  GlobeNewswire]
▶ Inovio Announces Proposed Public Offering of Common Stock   [Jul-18-17 04:01PM  GlobeNewswire]
▶ Biotech Movers: Exelixis, Omeros, Inovio   [Jul-10-17 09:40AM  TheStreet.com]
▶ Inovio Announces Leadership Appointments   [Jun-28-17 08:00AM  GlobeNewswire]
▶ 3 Stocks That Could Put Amazon's Returns to Shame   [Jun-13-17 05:26PM  Motley Fool]
▶ Biotech Movers: NewLink, Inovio, Juno   [09:20AM  TheStreet.com]
▶ These Stocks Have Changed Direction   [12:00PM  TheStreet.com]
▶ Where Might Inovio Shares Land Post-Breakout?   [May-24-17 04:27PM  Investopedia]
▶ Biotech Movers: Inovio, Neurocrine, Alnylam   [09:29AM  TheStreet.com]
▶ Inovio reports 1Q loss   [May-10-17 04:22PM  Associated Press]
▶ Biotech Movers: Horizon, OncoMed, Inovio   [May-08-17 09:29AM  TheStreet.com]
▶ Inovio Pharmaceuticals Stock History: From A to Zika   [Apr-18-17 04:24PM  Motley Fool]
▶ Here's What Hurt Inovio Pharmaceuticals Inc. Stock Today   [Mar-16-17 04:07PM  Motley Fool]
▶ Inovio reports 4Q loss   [Mar-15-17 04:54PM  Associated Press]
Stock chart of INO Financial statements of INO
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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