A clinical study of an HIV vaccine in healthy subjects that found a nearly 100% immune response rate was hailed by a pair of industry analysts.

Inovio Pharmaceuticals Inc. (INO:Nasdaq) announced on May 24 that its HIV vaccine, PENNVAX-GP, produced among the “highest overall levels of immune response rates (cellular and humoral) ever demonstrated in a human study by an HIV vaccine.” According to the company, “the vaccine candidate, PENNVAX-GP, consists of a combination of four HIV antigens designed to cover multiple global HIV strains and generate both an antibody (humoral) immune response as well as a T cell (cellular) immune response to both potentially prevent and treat HIV.”

The company reported that “amongst the evaluated participants receiving PENNVAX-GP and IL-12 via IM vaccination, 27 of 27 (100%) demonstrated a cellular response and 19 of 21 (90%) demonstrated an env specific antibody response. Similar immune responses and response rates were achieved via both ID and IM administration of the vaccine although participants vaccinated via intradermal vaccine administration received 1/5th the dose of vaccine compared to those vaccinated via intramuscular administration.”

Analyst Raghuram Selvaraju of H.C. Wainwright & Co., in a May 25 report, wrote that these “early results are very encouraging but not surprising, as they are in line with results from the company’s trials of other DNA vaccines, including Ebola, Zika and MERS. Interestingly, the intradermal delivery utilized only 20% of the vaccine dose compared to intramuscular administration, yet achieved similar immune responses and response rates. We believe further studies would be conducted to determine whether PENNVAX-GP can safely and effectively prevent HIV infection.”

Selvaraju reiterated the firm’s Buy rating and $13 target price.

In a May 24 Maxim Group report, Jason McCarthy and Jason Kolbert wrote that “when PENNVAX-GP was combined with IL-12 the percent of patients showing both T cell and antibody responses was 100%, or near 100%. . .inducing both T cells to clear viral infected cells and antibodies to clear virus in the blood is key for an HIV vaccine, and where other vaccines fall short (inducing either one or the other).”