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Inovio Pharmaceuticals: PO remains $8, reiterate Neutral Inovio’s 1Q21 earnings came off the back of the data release for their Phase 2 trial for the COVID-19 vaccine candidate , which we see as positive, but not meaningful to Inovio’s valuation. The COVID-19vaccine target remained the main focus on the 1Q21 call, but we continue to see the rest of the pipeline as key value drivers for the story. Inovio announced it will release safety and durability data for the 18 month REVEAL 1 follow-up in 2H21. The REVEAL 2 trial continues to enroll globally and management will adjust protocol and recruitment if necessary mid-year (data expected in 2022); for the vulvar and anal HSIL programs, Inovio is currently in discussions with the FDA to determine best options for the planned Phase 3 clinical trial. There are high levels of unmet need for these indications, so we see Inovio’s differentiated profile as providing significant upside. For their glioblastoma multiforme program, Inovio expects to present 24 month overall survival data, including correlative immunology later this year, which in our view, could further derisk the program. Turning to the financials, INO ended 1Q21 with approximately $518.6 in cash, equivalents and short term investments, which provides a strong runway for the clinical and commercial development of the COVID-19 asset and the HSIL programs. We have adjusted our model to reflect 1Q results, and now model ($0.95) EPS for 2021 (previously ($0.85)). We reiterate our Neutral rating and $8 PO. BofA Global Research