Why Iovance Biotherapeutics Stock Is Skyrocketing Today
Shares of Iovance Biotherapeutics (NASDAQ: IOVA) had skyrocketed by 33.8% as of 10:39 a.m. ET Tuesday. The huge gain came after the company announced on Friday that the Food and Drug Administration (FDA) had granted accelerated approval for Amtagvi (lefileucel) as a treatment for advanced melanoma.
Because of the Presidents' Day holiday, the stock market was closed on Monday. Investors had to wait until Tuesday to push Iovance's share price higher.
Iovance also announced on Tuesday morning the pricing of an underwritten offering to issue just over 23 million new shares for $9.15 per share. That stock sale will generate gross proceeds of around $211 million. Part of the money will be used to support the commercial launch of Amtagvi.
Source Fool.com
