IOVA - Why Iovance Biotherapeutics Stock Soared 12% Higher Today
Investors were more than cheered by a business update from cancer-focused biotech Iovance Biotherapeutics (NASDAQ: IOVA) on Monday. As a result, the company's stock shot well higher by nearly 12% on the day. That was impressive even by the bullish standards of the market on a day when the S&P 500 index pushed more than 1% higher.
Iovance kicked off its work week by pushing out a business, clinical, and regulatory update. The rather comprehensive press release led with an acquisition -- that of the worldwide rights for Proleukin from privately held Clinigen Limited.
For Proleukin, an interleukin-2 molecule used to stimulate T-cell activity in the fight against cancer, Iovance is making an upfront payment of 166.7 million British pounds ($206.6 million).
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Why Iovance Biotherapeutics Stock Soared 12% Higher Today