Inovio's COVID-19 vaccine funding axed as US says thanks but no thanks

U.S. officials have pulled the plug on funding a phase 3 trial for Inovio’s COVID-19 vaccine, telling the biotech that another vaccine is no longer needed as inoculations pick up around the country.

The Plymouth Meeting, Pa.-based biotech’s shares tumbled around 28% on the news as the market opened, dropping to $6.60 from $9.13 the day before.