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Inovio lets go of CEO, to stop work on COVID-19 vaccine and instead focus on booster

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Inovio Pharmaceuticals Inc.’s
INO,
-31.53%

stock tumbled 21.7% in premarket trading on Wednesday, the day after the company said it will discontinue its work on a COVID-19 vaccine and will instead focus only on developing a booster. Inovio also said it has replaced CEO Joseph Kim. The new president and CEO is Jacqueline Shea, who starts in her new role immediately. She most recently was the chief operating officer at Inovio. Kim has also resigned from Inovio’s board. The company’s stock has declined 50.1% so far this year, while the broader S&P 500
SPX,
+0.54%

has declined 16.2%.

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