Venture Capital

Inovio Drops After U.s. Cuts Off Funding; Short Sellers Gain

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(Bloomberg) -- Inovio Pharmaceuticals Inc. sank as much as 29% Friday after the U.S. government pulled funding for its Covid-19 vaccine research, a vindication for short sellers who have been amassing positions in the biotech stock. Bears betting against Inovio are set to reap nearly $160 million from Friday’s plunge alone, quintupling their $40 million in profits year-to-date, according to Ihor Dusaniwsky, S3 Partners managing director of predictive analytics. It shares closed 25% lower to $6.85, the steepest decline since Sept. 28.