IOVA - Why Iovance Biotherapeutics Stock Rocketed 13% Higher Today
2023-09-15 16:20:46 ET
Iovance Biotherapeutics (NASDAQ: IOVA) is being shifted to the fast track in its current approval process for an investigational drug. On news that the Food and Drug Administration (FDA) is willing to make the process faster, enthusiastic investors traded the biotech's stock up by more than 13%. That was more than good enough to top the performance of the S&P 500 index, which dipped by slightly over 1%.
At first glance, Iovance's announcement about the FDA's review wasn't positive. The company wrote that the regulator requires additional time to complete its priority review of Iovance's biologics license application (BLA). The biotech is seeking the FDA's nod for lifileucel, an investigational drug that targets advanced melanoma. The FDA extended its target action date for its decision to Feb. 24, 2024.
However, in a sign that it is considering the drug favorably, the FDA has agreed to expedite what remains of lifileucel's review process. This could result in the agency rendering a decision earlier than the new target action date.
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Why Iovance Biotherapeutics Stock Rocketed 13% Higher Today