IOVA - Iovance Biotherapeutics Hits New 52-Week High

2024-02-21 11:42:05 ET

DENVER, Colo., Feb 21, 2024 (www.247marketnews.com)- Iovance Biotherapeutics (NASDAQ: IOVA ) continues to press forward on the strength of the U.S. Food and Drug Administration (FDA) approving its AMTAGVI (lifileucel) suspension for intravenous infusion, on Friday afternoon, which we covered when IOVA is trading at $9.6056.

IOVA is trading at $14.59, up $2.56 (+21.28%), on trading volume of 25.6M shares and this morning it hit a high of $15.025.

Its 52-week range is now $3.21 to $15.025, after hitting new 52-week highs Friday afternoon, yesterday, and today. IOVA looks like it wants to take a shot of its April 2022 levels, but will need this strong volume to continue.

“The accelerated approval of AMTAGVI™ is the first step in realizing Iovance’s ambition to usher in the next generation of cell therapy by bringing this breakthrough to patients with advanced solid tumors,” said Frederick Vogt, Ph.D., J.D., Interim Chief Executive Officer and President of Iovance.

Iovance Biotherapeutics followed Friday’s news, by announcing, during yesterday’s premarket, that it raised funds intended to support AMTAGVI’s commercial launch, in an underwritten offering of 23,014,000 shares of its common stock at an offering price of $9.15 per share, for approximately $211 million in gross proceeds.

“The accelerated approval of AMTAGVI™ is the first step in realizing Iovance’s ambition to usher in the next generation of cell therapy by bringing this breakthrough to patients with advanced solid tumors,” said Frederick Vogt, Ph.D., J.D., Interim Chief Executive Officer and President of Iovance. “Given the significant unmet needs in the advanced melanoma community, we are proud to offer a personalized, one-time therapeutic option for these patients. We are continuing our development efforts to address additional unmet medical needs in patients with solid tumor cancers, making our novel cell therapies available to more patients with melanoma and other types of cancers.”

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