Inovio PharmaceuticalsINO +1.38%39 PB Ratio is 12.64 as of Jun. 28, 2026, which is 284% above its 10-year median of 3.29. GuruFocus rates INO with a GF Score™ of 39/100 and a GF Value™ of $0.22 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 1,232 Biotechnology companies, Inovio Pharmaceuticals ranks worse than 88.96% on this metric.
Inovio Pharmaceuticals Inc stock PB Ratio (=12.64) is close to 5-year high of 12.64.
The historical rank and industry rank for Inovio Pharmaceuticals's PB Ratio or its related term are showing as below:
INO'
s PB Ratio Range Over the Past 10 Years
Min: 0.57 Med: 3.29 Max: 415.43
Current: 12.64
During the past 13 years, Inovio Pharmaceuticals's highest PB Ratio was 415.43. The lowest was 0.57. And the median was 3.29.
INO's PB Ratio is ranked worse than 88.96% of 1232
companies
in the Biotechnology industry
Industry Median: 2.815
vs INO: 12.64
During the past 12 months, Inovio Pharmaceuticals's average Book Value Per Share Growth Rate was -93.80% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was -67.90% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was -57.90% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was -24.90% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Inovio Pharmaceuticals was 195.90% per year. The lowest was -72.70% per year. And the median was -12.40% per year.
Back to Basics: PB Ratio
Inovio Pharmaceuticals (NAS:INO) PB Ratio Explanation
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Biotechnology subindustry, Inovio Pharmaceuticals's PB Ratio, along with its competitors' market caps and PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Inovio Pharmaceuticals PB Ratio vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Inovio Pharmaceuticals's PB Ratio distribution charts can be found below:
* The bar in red indicates where Inovio Pharmaceuticals's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Inovio Pharmaceuticals (INO) has a PB Ratio of 12.64 as of Jun. 28, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Inovio Pharmaceuticals and its competitors. This is 284% above median its historical median of 3.29. Over the past decade, Inovio Pharmaceuticals' PB Ratio has ranged from 0.57 to 415.43. According to the industry distribution chart, Inovio Pharmaceuticals ranks #1096 out of 1232 companies in the Biotechnology industry, placing it in the top 89%.
Is Inovio Pharmaceuticals' PB Ratio too high?
Inovio Pharmaceuticals' current PB Ratio of 12.64 is 284% above median its 10-year median of 3.29. Over the past 10 years, this metric has ranged from a low of 0.57 to a high of 415.43. The Biotechnology industry median PB Ratio is 2.82. Inovio Pharmaceuticals' value of 12.64 is 349% above this industry median. Based on the distribution chart, Inovio Pharmaceuticals ranks #1096 out of 1232 companies in the Biotechnology industry, which is in the bottom quartile relative to peers. Overall, Inovio Pharmaceuticals has a GF Score™ of 39/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Inovio Pharmaceuticals' PB Ratio compare to OTLK and RANI?
According to the Biotechnology industry distribution chart, Inovio Pharmaceuticals ranks #1096 out of 1232 companies for PB Ratio. This places Inovio Pharmaceuticals in the lower half of its industry. The industry median PB Ratio is 2.82. Inovio Pharmaceuticals' value of 12.64 is 349% above this benchmark. Historically, Inovio Pharmaceuticals' own PB Ratio has ranged from 0.57 to 415.43 over the past decade. While the company's 10-year median is 3.29 vs. the industry median of 2.82, Inovio Pharmaceuticals has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good PB Ratio for a Biotechnology company?
The median PB Ratio among Biotechnology companies is 2.82, based on 1,232 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Inovio Pharmaceuticals's current PB Ratio of 12.64 is 349% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Inovio Pharmaceuticals and its competitors. For the Biotechnology industry, the median PB Ratio is 2.82 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Inovio Pharmaceuticals's current PB Ratio is 12.64, which is 284% above median its own 10-year median of 3.29. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Inovio Pharmaceuticals stock overvalued right now?
Based on GuruFocus' analysis, Inovio Pharmaceuticals (INO) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.22, compared to a current price of $1.10 — trading 400% above its estimated fair value. The current PB Ratio is 12.64, which is 284% above median its 10-year median of 3.29 and 349% above the Biotechnology industry median of 2.82. Inovio Pharmaceuticals' overall GF Score™ is 39/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Inovio Pharmaceuticals (INO), the current PB Ratio is 12.64 as of Jun. 28, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Inovio Pharmaceuticals (INO) Overvalued in 2026?
Based on GuruFocus' analysis, Inovio Pharmaceuticals stock appears to be overvalued.
The current stock price of $1.10 is trading 400% above its estimated GF Value™ of $0.22.
GuruFocus considers Inovio Pharmaceuticals to be Significantly Overvalued.
Key valuation signals for INO:
PB Ratio: 12.64 (284% above median its 10-year median of 3.29)
GF Value™: $0.22 vs. price of $1.10 (400% above fair value)
Industry Position: 349% above the Biotechnology median (#1096 of 1232)
No single metric tells the full story. See the INO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Inovio Pharmaceuticals Inc is a clinical-stage biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from diseases associated with human papillomavirus (HPV), cancer and infectious diseases. INOVIO's platform harnesses the power of in vivo protein production, featuring optimized design and delivery of DNA medicines that teach the body to manufacture its own disease-fighting tools. Its candidate is INO-3107 for the treatment of recurrent respiratory papillomatosis (RRP), a chronic, rare and debilitating disease of the respiratory tract caused by HPV infection. In its completed Phase 1/2 clinical trial of INO-3107 for the treatment of HPV-6 and HPV-11-associated RRP.
39GF Score
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