Why Iovance Biotherapeutics Shares Are Tumbling Tuesday

Iovance Biotherapeutics Inc IOVA shares are trading lower Tuesday after the company announced the pricing of a public offering.

What Happened: Iovance shares rallied more than 20% on Monday after the company announced regulatory, clinical updates for TIL therapy in advanced non-small cell lung cancer.

After the market closed, Iovance proposed a public offering of 20 million shares at $7.50 per share. Gross proceeds are expected to total approximately $150 million. 

Net proceeds from the offering are expected to be used to fund preparations for the commercial launch of lifileucel if it is approved, as well as to support the continued development of the company's pipeline candidates and to support Proleukin integration activities.

On Tuesday, Truist Securities analyst Asthika Goonewardene reiterated Iovance with a Buy rating and maintained a $17 price target. Chardan Capital analyst Geulah Livshits also reiterated Iovance with a Buy and maintained a $29 price target.

See Also: Longeveron – Regenerative Medicine Developer Announces 100% Long Term Survival Rate For Children With HLHS

IOVA Price Action: Iovance shares were down 12.3% at $7.70 at the time of publication, according to Benzinga Pro.

Photo: Lorenzo Cafaro from Pixabay.