Why Iovance Biotherapeutics Shares Dropped 11.8% Today
Healthcare companies are gathering in San Francisco this week for the annual JP Morgan Healthcare Conference, a high-profile event that's historically been a great venue for announcing mergers and acquisitions (M&A) and licensing agreements.
So far, there haven't been any big M&A deals, but Iovance Biotherapeutics (NASDAQ: IOVA) announced it licensed gene-editing technology from Cellectics (NASDAQ: CLLS) and an IL-2 analog from Novartis (NYSE: NVS). The deals bolster Iovance's pipeline but also decrease the likelihood Iovance will be acquired soon. As a result, Iovance's shares lost 11.8% of their value on Monday.
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Source Fool.com
