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Inovio Pharmaceuticals, Inc (INO) fair value: what the stock is really worth

As of Oct 30, 2026: fair value (intrinsic value) of Inovio Pharmaceuticals, Inc stock $0.11, price $0.60, upside -81.7%, quality 31 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

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Healthcare US

IP Inovio Pharmaceuticals, Inc logo Thin data Oct 30, 2026

Inovio Pharmaceuticals, Inc

INO · US
Very expensive, weak quality

Our calculation puts a fair price 82% below what the stock costs today.

Moderate debt
Fair value $0.1100 · Strongly overvalued (−81.7%)
Quality 31/100
Weak Growth (revenue 5y −61.2 %/yr in USD)
Negative free cash flow
Trails peers (1/7)
Narrow moat 5/100
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$116.28 $0.6024 Fair Value $0.1100 Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year. As of Oct 30, 2026.

How to read this chart

60‑month range $0.6024 – $116.28 · fair‑value band $0.0700 – $0.1300 · the $0.6024 price screens above the $0.1100 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 30, 2026.

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Company profile

Inovio Pharmaceuticals, Inc., a biotechnology company, focuses on the discovery, development, and commercialization of DNA medicines to treat and protect people from diseases associated with human papillomavirus (HPV), cancer, and infectious diseases.

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Its DNA medicines platform uses SynCon, to help engineer precisely designed plasmid DNA plasmids, as well as CELLECTRA smart devices technology that facilitates delivery of the DNA plasmids.

The company's lead product candidate is INO-3107 for HPV-related recurrent respiratory papillomatosis and is under Phase 1/2 trial.

Its products in pipeline include VGX-3100 for the treatment of HPV-related cervical high-grade squamous intraepithelial lesions; INO-3112 for the treatment of HPV-related Oropharyngeal squamous cell carcinoma and is under Phase 2 trial; INO-5401 for the treatment of glioblastoma multiforme and is under Phase 2 trial; INO-4201 for Ebola Virus Disease and is under Phase 1b trial; INO-4800 for COVID-19 and is under Phase 2/3 trial; and INO-6160 for the treatment of human immunodeficiency virus and is under Phase 1 trial.

The company's partners and collaborators ApolloBio Corporation, AstraZeneca, Coherus Biosciences, Defense Advanced Research Projects Agency, HIV Vaccines Trial Network, Kaneka Eurogentec, National Institutes of Health, National Institute of Allergy and Infectious Diseases, Plumbline Life Sciences, Regeneron Pharmaceuticals, Richter BioLogics, the University of Pennsylvania, and The Wistar Institute.

The company was incorporated in 1983 and is headquartered in Plymouth Meeting, Pennsylvania.

Stock analysis

Inovio Pharmaceuticals, Inc (INO) currently trades at $0.6024, while our model-based Fair Value estimate is $0.1100, 81.7% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the data coverage at low.

Scenario range: $0.0700 (bear) to $0.1300 (bull), the price of $0.6024 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 31/100 (below-average quality), in the Healthcare sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Inovio Pharmaceuticals, Inc reported revenue of $65.3K in FY2025 versus $1.8M in FY2021, a compound −56.2%/yr. Reported net income was −$84.9M in FY2025.

Key figures

Market cap $79.8M Micro · EPS (TTM) $−0.9000 · Return on equity −410% · Return on assets (EBIT) −87.6% · Free cash flow −$88.9M · Net cash $34.9M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 5 out of 100 (medium confidence).

What moves the price

The share trades about 77% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 10% fair-value upside, at −82%, INO screens richer than that median.

Fair Value models

Bear $0.0700 Fair Value $0.1100 Bull $0.1300
Price $0.6024 · Upside -81.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
NCAV (Graham) $0.0700 $0.1100 $0.1300 55
All 1 models by family
Asset-Based
NCAV (Graham) $0.0700 $0.1100 $0.1300 55

Open the full fair value analysis →

Quality Score breakdown

Overall quality 31/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 0
How much profit the company makes from its sales and capital
Quality Growth 30
Are margins and returns getting better?
Cashflow 12
Do the profits arrive as real cash?
Financial strength 52
Debt, balance sheet and risk of trouble
Investment 67
Does it invest with discipline instead of growing at any price?
Low Volatility 7
How calm the share price moves, does not count
Momentum 13
Price trend of the last 3 to 12 months, does not count
Near the 52-week high 0
Distance to the 52-week high, does not count
New shares 50
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−70.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−81.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−61.2%
Start year 2020 (pandemic). Over 10 years: −47.4% a year
Revenue growth 27 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−16.4%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−1,674.2% (2020) → −132,871.3% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

INO screens overvalued: fair value 82% below the price. Compare with Vertex Pharmaceuticals Incorporated →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 588 stocks

Beats the industry median on 1/6 measures
Overall it trails its industry peers.
Valuation
Quality Score 31 · Bottom 25%
Fair Value upside −85.7% · Bottom 25%
Profitability
Return on assets −114.3% · Bottom 25%
Operating margin (12 months) 0.0% · Above median
Balance sheet
Debt / equity 0.69× · Highest 25%

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 3.31× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)0 · sector 0
PAST (return on equity)0 · sector 0
HEALTH (low debt)66 · sector 97
DIVIDEND (yield)0 · sector 23

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Incyte Corporation INCY $116.80 $203.62 +74% vs INO
Regeneron Pharmaceuticals, Inc REGN $818.77 $1,275 +56% vs INO
Vertex Pharmaceuticals Incorporated VRTX $540.00 $594.00 +10% vs INO
Samsung Biologics Co 207940 1,487,000 KRW 1,635,700 KRW +10% vs INO
WuXi Biologics (Cayman) Inc 2269 HK$45.06 HK$49.57 +10% vs INO
argenx SE ARGX $882.48 $908.40 +3% vs INO
CSL Limited CSL A$200.73 A$178.58 −11% vs INO
BeOne Medicines AG 6160 HK$217.60 HK$153.56 −29% vs INO
Celltrion, Inc 068270 189,300 KRW 74,945 KRW −60% vs INO
Royalty Pharma plc RPRX $64.76 $19.01 −71% vs INO

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Inovio Pharmaceuticals, Inc · Fair Value
$0.1100 −82%Fair Value
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Cite: Fair Value Calculator (2026). "Inovio Pharmaceuticals, Inc Fair Value". https://www.fairvalue-calculator.com/stock/INO

Frequently asked questions

Is Inovio Pharmaceuticals, Inc (INO) overvalued or undervalued?
As of Oct 30, 2026, our model estimates a fair value of $0.1100 versus a price of $0.6024, about −82% upside (overvalued).
What is the fair value of INO?
Our model-based fair value for Inovio Pharmaceuticals, Inc is $0.1100 (as of Oct 30, 2026), built from audited fundamentals. The current price: $0.6024.
What is the quality score of INO?
Inovio Pharmaceuticals, Inc has a Quality Score of 31/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Inovio Pharmaceuticals, Inc (INO)?
Our model-based price target is the fair value of $0.1100 (as of Oct 30, 2026) from 1 valuation models. Cautious scenario $0.0700, optimistic scenario $0.1300. It is a calculation from audited fundamentals, not an analyst target.
What is the Inovio Pharmaceuticals, Inc stock forecast for 2026?
Our models put fair value at $0.1100, about −82% upside versus a price of $0.6024 (overvalued). Cautious scenario $0.0700, optimistic scenario $0.1300. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Inovio Pharmaceuticals, Inc (INO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Inovio Pharmaceuticals, Inc it is $0.1100 per share (as of Oct 30, 2026), against a price of $0.6024. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Inovio Pharmaceuticals, Inc stock overvalued or undervalued in 2026?
As of Oct 30, 2026, INO trades above its calculated fair value: price $0.6024, fair value $0.1100, a gap of about −82% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of INO?
No. The price is what the market pays today ($0.6024); the fair value is what the company's own numbers justify ($0.1100). For Inovio Pharmaceuticals, Inc the two are $0.4924 per share apart. That gap is exactly why we show both numbers side by side.
How much is Inovio Pharmaceuticals, Inc worth?
The market values Inovio Pharmaceuticals, Inc at about $79.8M (market capitalisation, as of Oct 30, 2026). Per share that is $0.6024; our models calculate a fair value of $0.1100 per share.
What do the bullish and bearish scenarios say about INO?
Our models span a range for Inovio Pharmaceuticals, Inc: cautious scenario $0.0700, base $0.1100, optimistic $0.1300 per share (as of Oct 30, 2026, price $0.6024). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Inovio Pharmaceuticals, Inc (INO)?
Balance-sheet figures for Inovio Pharmaceuticals, Inc (as of Oct 30, 2026): return on equity −409.9%, debt of 0.69 per unit of equity. They feed the Quality Score of 31/100, which measures business quality independently of the share price.
How far is INO from its 52-week high?
Inovio Pharmaceuticals, Inc trades at $0.6024, about 77% below its 52-week high of $2.60 and at the low of $0.6024 (as of Oct 30, 2026). Distance from the high says nothing about value: that is what the fair value of $0.1100 is for.
Which stocks are comparable to Inovio Pharmaceuticals, Inc?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, CSL Limited, argenx SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Inovio Pharmaceuticals, Inc stock attractive at the current price?
The data as of Oct 30, 2026: price $0.6024, calculated fair value $0.1100 (−82%), Quality Score 31/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of INO calculated?
We run Inovio Pharmaceuticals, Inc through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $0.1100, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.4 % above its aggregate fair value. Inovio Pharmaceuticals, Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Inovio Pharmaceuticals, Inc (INO)?
The closing price on Oct 30, 2026 was $0.6024. Our model-based fair value is $0.1100, about −82% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Inovio Pharmaceuticals, Inc right now?
The price sits above even our optimistic bull case ($0.1300). The favourable scenario is already priced in. Weak quality (31/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range ($0.0700 to $0.1300) leaves room in how you read the outcome.

Key figures of Inovio Pharmaceuticals, Inc

How large is the market capitalisation of Inovio Pharmaceuticals, Inc (INO)?
The market capitalisation of Inovio Pharmaceuticals, Inc is $79.8M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Inovio Pharmaceuticals, Inc (INO)?
Earnings per share at Inovio Pharmaceuticals, Inc are $−0.9000. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Inovio Pharmaceuticals, Inc (INO)?
The return on equity (ROE) of Inovio Pharmaceuticals, Inc is −410% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Inovio Pharmaceuticals, Inc (INO)?
On an EBIT basis the return on assets of Inovio Pharmaceuticals, Inc is −87.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How much free cash flow does Inovio Pharmaceuticals, Inc (INO) generate?
The free cash flow of Inovio Pharmaceuticals, Inc is −$88.9M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Inovio Pharmaceuticals, Inc (INO) hold?
Inovio Pharmaceuticals, Inc holds more cash than debt, $34.9M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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