Why Iovance Biotherapeutics Was Halved Today

Shares of Iovance Biotherapeutics (NASDAQ: IOVA) are down 53% as of 12:24 p.m. ET Friday, according to data from S&P Global Market Intelligence, following the release of disappointing results from a pivotal melanoma drug trial released Thursday evening.

It's potentially a bit confusing. Iovance had already reported solid results for melanoma treatment Lifileucel in the middle of last year, ultimately finding a response rate of 36%. That was for a different subset of patients, however. This follow-on study of cancer patients with advanced melanoma who had shown improvement after previously receiving and responding to anti-PD-1/L1 therapies isn't as encouraging, with an objective response rate of only 29%.

In simpler terms, the drug may not work quite as well as it initially seemed it would.

Source Fool.com