In his second Executive Decision segment of "Mad Money" Thursday, Jim Cramer welcomed back Dr. Joseph Kim, president and CEO of Inovio Pharmaceuticals Inc. (INO) , an early-stage biotech that is working toward a vaccine for Covid-19.
Kim said Inovio has both superior technology and a dedicated team that has allowed it to move very fast in developing a vaccine for Covid-19. He said his company went from design to its first dose in just 83 days.
Inovio is currently in Phase I trials with 40 volunteers, Kim said, and so far results have been promising for the company, which is among the companies cited by Cramer in his April 21 Real Money column, "10 Stocks That Millennials Should Own."
Let's check and see if the charts are still promising. We looked at the charts on Tuesday and wrote at that time, "Traders who can afford to risk a close below $6 could go long INO. Targets are $16 and then $35."
In this daily bar chart of INO, below, we can see that the On-Balance-Volume (OBV) line was doing its job as a leading indicator by making a new high before prices actually make another new high. The trend-following Moving Average Convergence Divergence (MACD) oscillator continues to strengthen, too.
In this weekly bar chart of INO, below, we used a "log scale" to display the price action. I find it a good way to show the price action when prices have a big move such as the 10-fold rally on INO. All the indicators here remain pointed up.
In this first Point and Figure chart of INO, below, we can see that prices remain in a strong uptrend of X's with a new high of $26 as the price target.
In this second Point and Figure chart of INO, below, we used weekly close-only data and a traditional even increment scale. Here we see a longer-term price target of $35.
Bottom line strategy: Continue to hold any purchases of INO and raise stop protection to $8.