- Iovance Therapeutics (NASDAQ:IOVA) stock is dropping on melanoma treatment trial results.
- That’s despite the company planning to move forward with a Biologics License Application (BLA).
- Investors don’t seem impressed by the results.
According to the company, the results were positive with it seeing an objective response rate (ORR) of 29%. However, it looks like investors aren’t as impressed with that result as shares of IOVA are taking a beating today.
Iovance Therapeutics notes that it plans to reveal more details about the study in the second half of the year. It’s also expecting to submit a BLA for the treatment in August 2022.
Friedrich Graf Finckenstein, M.D., CMO of Iovance Therapeutics, said the following about the clinical trial results.
“Available care for metastatic melanoma patients in this setting is chemotherapy, which has been reported to offer a four to ten percent response rate with a very short median duration of response. We are excited about the results from registrational Cohort 4 of the C-144-01 study and the potential of lifileucel as a new treatment option for these patients.”
IOVA stock is also seeing heavy trading today following the release of the study results. That has close to 18 million shares of the stock changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 2.1 million shares.
IOVA stock is down 53% as of Friday morning and is down 63.1% since the start of the year.
There’s more hot stock market news that traders will want to read about below!
We’ve got all the hottest stock market news that investors need to know about for Friday! That includes all of the latest news from Ulta Beauty (NASDAQ:ULTA), Costco (NASDAQ:COST), and cannabis stocks today. You can read up on that news at the following links!
More Friday Stock Market News
- ULTA Stock Pops 11% on Ulta Beauty’s Q1 Earnings Beat
- Costco (COST) Stock Creeps Higher on Steady Hot Dog Prices
- Cannabis Stocks ACB, CGC, TLRY Fall as Earnings Disappoint
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.