Iovance Biotherapeutics, Inc. (NASDAQ: IOVA)
Iovance Biotherapeutics, Inc. (IOVA), a clinical-stage biotechnology company yesterday announced that the U.S Food and Drug Administration (FDA) has approved LN-144 for fast track designation. LN-144 is the company’s adoptive cell therapy which is used in the treatment for advanced melanoma.
Iovance Biotherapeutics, Inc. CEO’s Comments
“We are pleased that the FDA has granted Fast Track designation to LN-144 for the treatment of advanced melanoma. The Fast Track designation underscores that advanced melanoma remains a serious condition and that LN-144 may have the potential to address this unmet medical need,” said Dr. Maria Fardis, PhD, MBA, Chief Executive Officer of Iovance Biotherapeutics. “We look forward to a closer interaction with the FDA as we advance the clinical development of LN-144 for the treatment of advanced melanoma.” Globe Newswire
IOVA Technical Analysis
IOVA opened trading yesterday at $5.65 which was up from the previous day’s trading close of $5.55. IOVA closed trading yesterday at $5.75 and spiked up after market to $6.75, equivalent to a 17% increase from the closing price. Taking a look at the daily chart we can see the last time IOVA traded above these levels we have to go back to July 7th when it traded at $6.80.
Taking a closer look at the daily chart we can see that before the spike up IOVA had been in an overall downward trend dating back to July 3rd when it traded at $7.45. IOVA has a float of 44.61 million shares and traded 1.37 times the normal daily trading volume on Thursday.
For trading purposes, I would like to see IOVA open trading on Friday above $6.45 and if it does I would be looking to take a long position at the bell. My stop order would be $0.15 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
Iovance Biotherapeutics, Inc., a clinical-stage biotechnology company, focuses on developing and commercializing cancer immunotherapy products to harness the power of a patient’s immune system to eradicate cancer cells. The companys lead product candidate is LN-144, an adoptive cell therapy that is in Phase II clinical trial using tumor-infiltrating lymphocytes (TIL), which are T cells derived from patients tumors for the treatment of patients with refractory metastatic melanoma.
It is also developing LN-145 to treat cervical and head and neck cancers. The company has a patent license agreement with the National Institutes of Health for technologies relating to autologous TIL adoptive cell therapy products for the treatment of metastatic melanoma, lung, breast, bladder, and HPV-positive cancers; cooperative research and development agreement with the National Cancer Institute to develop adoptive cell immunotherapies that are designed to destroy metastatic melanoma cells using a patients TIL, as well as for the treatment of cervical, head and neck, lung, bladder, and breast cancer; and manufacturing services agreement with Lonza Walkersville, Inc. and WuXi Apptech, Inc. to manufacture, package, ship, and handle quality assurance and quality control of clinical trials for TIL products.
In addition, it has collaboration and license agreements with Medimmune, Inc. to conduct clinical and preclinical research in immuno-oncology; H. Lee Moffitt Cancer Center and Research Institute to research and develop adoptive TIL cell therapy; PolyBioCept, AB to develop, manufacture, market, and genetically engineer TIL; and the University of Texas MD Anderson Cancer Center for multi-arm clinical trials for TIL therapy.
The company was formerly known as Lion Biotechnologies, Inc. and changed its name to Iovance Biotherapeutics, Inc. in June 2017. Iovance Biotherapeutics, Inc. was founded in 2007 and is headquartered in San Carlos, California. Yahoo Finance