• On Tuesday, Inovio fell as much as 17.8% after the company released early Phase I data on its INO-4800 COVID-19 vaccine.
  • The company said 94% of Phase I participants demonstrated an immune response to the vaccine candidate.
  • Inovio said its vaccine candidate was selected to participate in a non-human primate study as part of the US government's Operation Warp Speed.
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Inovio's Tuesday morning release of early-stage data on its COVID-19 vaccine candidate sent shares lower by as much as 17.8%, giving the stock a breather after it rallied 860% year-to-date.

Investors have bid up the company on hopes that its vaccine candidate for COVID-19 proves successful in human trials.

The interim Phase 1 data from Inovio showed that 94% of trial participants demonstrated overall immune response at week six after two doses of INO-4800, according to the company.

Inovio said it plans to add older participants to its vaccine trial and to initiate a Phase 2/3 efficacy trial for INO-4800 later this summer, upon regulatory concurrence.

Read more : We spoke with 3 financial experts, who said to make 4 these trades right now to get ahead of surprising gains when earnings season starts next month Inovio also said its vaccine candidate was selected to participate in a non-human primate challenge study as part of the US government's Operation Warp Speed. Vaxart is another company working on a vaccine for COVID-19 that was selected to participate in the same challenge study, which sent its stock soaring. Operation Warp Speed is a private-public partnership by the federal government designed to speed up the development and production of a COVID-19 vaccine, therapeutics, and related diagnostics. Companies selected by the government to participate and receive funding include Merck , Moderna , Pfizer , Johnson & Johnson , and AstraZeneca . Markets Insider NOW WATCH: Why Pikes Peak is the most dangerous racetrack in America See Also: The chief strategist of $2.5 trillion State Street recommends 7 ETFs for investors looking to profit from a permanently altered post-coronavirus landscape Day trading for fun is a 'losing proposition,' Wealthfront's investment chief Burton Malkiel warns Goldman Sachs has formulated a strategy that could triple the market's return within a year as volatility remains higher than normal including 11 new stock picks for the months ahead