What happened Coronavirus-related biotechnology stocks rose on Wednesday, even as the major market averages fell sharply. By the close of trading, shares of Inovio Pharmaceuticals (NASDAQ: INO), Sorrento Therapeutics (NASDAQ: SRNE), and Moderna (NASDAQ: MRNA) were up 10.7%, 8.6%, and 3%, respectively. So what Inovio's gains were fueled in part by its announcement on Tuesday that it received $71 million in funding from the Department of Defense. Inovio will use the funds to manufacture its Cellectra handheld devices, which can be used to deliver the experimental INO-4800 vaccine directly into people's skin. COVID-19 stocks rose on Wednesday even as the market fell. Image source: Getty Images. Moderna and Sorrento also likely benefited from investors' interest in companies that can potentially profit from helping to end the COVID-19 crisis. Moderna is currently conducting a Phase 2 study of its experimental coronavirus vaccine and plans to begin a Phase 3 study in July. Sorrento, meanwhile, is studying antibodies that it says can neutralize the novel coronavirus. Now what It's understandable that investors would seek shelter in coronavirus-related biotech stocks on a down day for most of the rest of the stock market, particularly when the major indexes declined primarily due to fears regarding surging COVID-19 case counts. However, there can be no assurances that Inovio, Sorrento, or Moderna will be successful in their pursuits. More than 100 vaccines and treatments are currently being developed around the world. Competitors include healthcare giants Johnson & Johnson, Pfizer, and AstraZeneca, all of which have significantly more resources to invest in their development efforts. So, while Inovio, Sorrento, and Moderna have delivered solid gains to their investors, they remain relatively high-risk stocks. 10 stocks we like better than Inovio PharmaceuticalsWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Inovio Pharmaceuticals wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 2, 2020 Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool recommends Johnson & Johnson. The Motley Fool has a disclosure policy.Source