Should You Buy This Cathie Wood Biotech Stock?

Shares of Iovance Biotherapeutics (NASDAQ: IOVA) are down over 50% from their January highs. In May, the company disclosed it would be delaying its Biologic License Application (BLA) filing with the U.S. Food and Drug Administration (FDA) on its key drug until the first half of 2022, pending further data on its biological activity. Cathie Wood, the charismatic founder and CEO of Ark Investment Management, saw the sell-off as an opportunity and quickly bought over 1 million shares after the news release.

Wood's investment firm now owns nearly 11 million shares of Iovance, representing a 6.5% stake in the company. Over the past five years, her Ark Innovation ETF (NYSEMKT: ARKK) has returned a mouth-watering 544%, far above the S&P 500's 125% gain during the same period. Is Iovance a biotech investors can count on?

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Source Fool.com