Piper Sandler analyst Christopher Raymond downgraded Inovio Pharmaceuticals to Neutral from Overweight with an unchanged price target of $8. While there is value with the company’s development platform, the stock is currently not trading on fundamentals, Raymond tells investors in a research note. Acknowledging the back and forth between the bears and bulls as to the real COVID-19 benefit this stock can see, even if assigning benefit of the doubt on all development programs, Inovio is worth $11 to $14 per share, even with a successful COVID-19 vaccine, contends the analyst. The stock closed yesterday up $1.13 to $9.50. As such, Raymond prefers “to watch things play out from the sidelines.”