Why Iovance (NASDAQ: IOVA) Stock Surged Today?

May 21, 2021 05:44 AM AEST | By Team Kalkine Media

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Why Iovance (NASDAQ: IOVA) Stock Surged Today? — Image source: Olena Yakobchuk,Shutterstock

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Summary

The stock boost comes after Iovance revealed that its new cancer drug showed positive results.

Iovance can apply for a biologics license, which may happen in 2022, after FDA approval.

The company develops treatment for patients with tumors and blood cancer.

The stock of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) surged 19.60% at 10:26 am ET on Thursday, May 20, after it dropped around 40% on the previous day.

The stock boost comes after the company on Wednesday revealed that its new cancer drug, being developed in a combination of Lifileucel and Pembrolizumab antibodies, had shown positive results during trials on 12 patients. The drug was administered in patients suffering from advanced melanoma.

The US Food and Drug Administration (FDA) had sought additional information on the drug’s efficacy after Iovance submitted its test data for approval last year. Iovance can apply for a biologics license, which may happen in the first half of 2022, after the FDA approval.

Following Iovance’s announcement on the drug’s progress, the stock recovered some of the losses. The development comes close on the heels of its President, and CEO Maria Fardis resigned from her post on May 18. The company has appointed Frederick G. Vogt as interim president and CEO.

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Source: Pixabay

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Iovance is a California-based biotechnology company founded in 2007. It is one of the major cancer-drugmakers in the US. It develops treatment for patients with tumors and blood cancer.

Its T cell-based TIL therapy targets the patient’s immune cells. Some of the malignant cells are removed from the patient’s body for an extensive laboratory process. These cells are then reintroduced into the patient’s body to fight the cancerous cells.

Explaining the therapy’s effectiveness in a recent statement, Ms. Fardis had dubbed it as the best treatment available for patients suffering from solid tumors.

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