Why Iovance Biotherapeutics Soared 40% In June
Shares of Iovance Biotherapeutics (NASDAQ: IOVA) gained 40.1% last month, according to numbers from S&P Global Market Intelligence. The move, largely driven by an update on a key clinical trial, reverses a downtrend that had been underway since February.
Iovance Biotherapeutics may be one of the most promising names in the field of immuno-oncology, but that didn't prevent the stock from losing 70% of its value between February's high and May's low.
A concerning fourth-quarter update kicked off the cascade of selling that ended (ironically enough) in May, when Iovance's CEO Maria Fardis resigned following word that the prospective approval of its tumor-fighting candidate Lifileucel had been delayed...again. In this particular case, however, the stock's plunge in response to the news also flushed out the last of the prospective sellers, priming shares for a rebound.
Source Fool.com
