We last reviewed Inovio Pharmaceuticals (INO) back on April 24. We recommended, "Continue to hold any purchases of INO and raise stop protection to $8." And we gave $26 and then $35 as potential Point and Figure price targets.
On Tuesday, Inovio received $71 million from the Pentagon to ramp output of a device that delivers the coronavirus vaccine into the skin.
The price action is very bullish right now so a fresh look is warranted.
In the daily bar chart of INO, below, we can see that prices have outlined a large ascending triangle formation (also called a rising triangle or a bullish triangle). We have roughly equal highs in the $16-$17 area and rising lows from March. An upside breakout looks imminent to me. The moving averages show a strong upward slope.
The daily On-Balance-Volume (OBV) line has been very positive since February and tells us that buyers are more aggressive. The Moving Average Convergence Divergence (MACD) oscillator is crossing to the upside for a new outright buy signal.
Bottom-line strategy: Continue to hold longs. Raise stop protection to a close below $12. The $35 area is our new price target.