Ford Motor Co
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Consumer Discretionary : Automobiles | Mid Cap Value
Company profile

Ford Motor Company is a global automotive and mobility company. The Company's business includes designing, manufacturing, marketing, and servicing a full line of Ford cars, trucks, and sport utility vehicles (SUVs), as well as Lincoln luxury vehicles. The Company operates in four segments: Automotive, Financial Services, Ford Smart Mobility LLC, and Central Treasury Operations. The Automotive segment primarily includes the sale of Ford and Lincoln brand vehicles, service parts, and accessories across the world. The Financial Services segment primarily includes its vehicle-related financing and leasing activities at Ford Motor Credit Company LLC. Ford Smart Mobility LLC is a subsidiary formed to design, build, grow, and invest in emerging mobility services. The Central Treasury Operations segment is primarily engaged in decision making for investments, risk management activities, and providing financing for the Automotive segment.

Closing Price
$6.05
Day's Change
0.07 (1.17%)
Bid
--
Ask
--
B/A Size
--
Day's High
6.17
Day's Low
6.00
Volume
(Below Average)
Volume:
67,270,506

10-day average volume:
78,477,635
67,270,506

UPDATE: Inovio's pulls back from 20-year high, as longtime bull says it's 'less palatable' after recent rally

8:43 am ET June 27, 2020 (MarketWatch)
Print

By Tomi Kilgore, MarketWatch

Shares pare early loss of more than 20%, but snap 4-day win streak in which prices more than doubled

Shares of Inovio Pharmaceuticals Inc. bounced back toward a 20-year high on heavy volume Friday, erasing an earlier sharp loss, after a long-time bull downgraded the Pennsylvania-based biotechnology company, and after the company disclosed late Thursday some conditions of the funding deal with the U.S. Department of Defense announced earlier this week.

Inovio's stock(INO) has skyrocketed this year on high hopes for its experimental COVID-19 vaccine, which is currently being tested in a Phase 1 clinical trial (http://www.marketwatch.com/story/inovio-pharmaceuticals-plans-first-dosing-of-patients-in-trial-of-dna-covid-19-vaccine-candiate-on-monday-2020-04-06). The rally accelerated this week, after the company announced it received $71 million in funding from the DoD (http://www.marketwatch.com/story/inovio-shares-jump-on-government-funding-for-vaccine-device-2020-06-23)to support the manufacture of a hand-held device that delivers that vaccine candidate.

Don't miss: Race for a COVID-19 vaccine has drug makers scaling up manufacturing -- before one is developed (http://www.marketwatch.com/story/race-for-a-covid-19-vaccine-has-drug-makers-scaling-up-manufacturing-before-one-is-developed-2020-06-25).

The stock had more than doubled over the previous four days, rising 119%, to close Thursday at the highest price since September 2000. It had run up more than 9-fold (up 847%) year to date through Thursday, while the iShares Nasdaq Biotechnology exchange-traded fund(IBB) had advanced 14.4% and the S&P 500 index had slipped 4.6%.

Inovio is expected to announce preliminary safety and immunogenicity data from the trial of its COVID-19 vaccine candidate by the end of the month.

The stock closed Friday down 4.1% at $29.98, put pared earlier losses of as much as 21.3%. The stock traded briefly in positive territory for parts of the session. Trading volume swelled to 149.8 million shares, enough to make it the fourth-most active stock listed on the Nasdaq exchange, and already well above the full-day average of about 35.1 million shares, according to FactSet.

Stifel Nicolaus analyst Stephan Willey cut his rating to hold, after being at buy for at least the past 3 1/2 years. He said the risk-versus-reward scenario for investors "seems less palatable" (http://www.marketwatch.com/story/inovios-stock-surges-to-extend-rally-to-20-year-high-while-stifel-says-price-is-now-less-palatable-2020-06-26) at current prices.

Although he raised his stock price target to $24 from $19, his new target was about 20% below Friday's closing price.

"While acknowledging peer COVID-19 vaccine company valuations would suggest we're potentially leaving significant upside on the table, should promising immunogenicity data (i.e. robust neutralizing antibody response) and a large government-written check subsequently materialize, we also believe any potential downside risk in the absence of the aforementioned events occurring is equally significant," Willey wrote in a note to clients.

Willey said he's "unconcerned" regarding the safety and tolerability of Inovio's experimental vaccine, but response data may require additional follow up.

Separately, the company said in an 8-K filing with the Securities and Exchange Commission (https://www.sec.gov/Archives/edgar/data/1055726/000119312520179128/d924073d8k.htm) filed late Thursday that under the agreement with the DoD, that it will not offer, sell or provide the production model of its Cellectra 3PSP prototype hand-held device to any other entity at a price lower than that offered to the DoD.

And if Inovio develops a commercialized version of the prototype with similar capabilities but at a lower price, it must make the DoD aware of the product and the price differences.

The DoD could suspend or terminate the deal, if Inovio fails to comply with its provisions.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

June 27, 2020 08:43 ET (12:43 GMT)

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