In Jim Cramer's Real Money column, "10 Stocks That Millennials Should Own," we learn that Inovio Pharmaceuticals Inc. (INO) is one of the top 10 stocks that investors are buying in their Robinhood accounts. This company, Cramer found out, is one of two companies in human trials for a vaccine for Covid-19. It's backed by the Bill and Melinda Gates Foundation. Its tests are going on at the University of Pennsylvania Hospital.
Interesting? Right.
Let's check out the charts of this biotechnology company.
In the daily bar chart of INO, below, we can see that prices are up five-fold from October. Let me say that one more time -- up five-fold in just seven months. Prices are above the rising 50-day moving average line and the rising 200-day moving average line.
The daily On-Balance-Volume (OBV) line shows the start of aggressive buying in February and a surge higher starting in early March. The Moving Average Convergence Divergence (MACD) oscillator turned bullish back in December and is turning upward now to a fresh outright go long signal.
In this weekly bar chart of INO, below, all the indicators are in a bullish alignment.
In this first Point and Figure chart of INO, below, we used daily price data and we can see a potential upside price target in the $16 area.
In this second Point and Figure chart, below, we used weekly close-only data to construct the chart. Here a longer-term price target of $35 is indicated. A potential home run for earlier buyers.
Bottom-line strategy: It seems that institutional investors own around 32% of the shares of INO. To me that means that some highly paid analysts have dug into the company and kicked the tires. Traders who can afford to risk a close below $6 could go long INO. Targets are $16 and then $35.
