Why Is Iovance Therapeutics (IOVA) Stock Down 45% Today?

  • 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.
a model of a cancer attacking a double helix of DNA representing IOVA stock.

Source: CI Photos / Shutterstock.com

Iovance Therapeutics (NASDAQ:IOVA) stock is falling hard on Friday following the release of clinical trial data for its melanoma treatment.

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.

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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.


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