Iovance Slides as Phase 2 Amtagvi NSCLC Data Disappoints
IOVA has more than doubled off its 52-week low of $1.76 on elevated volume (2.9× avg).
Summary
Iovance shares are falling hard after new Phase 2 data for Amtagvi in non-small-cell lung cancer. The company reported a 24.6% objective response rate in 69 previously treated non-squamous metastatic NSCLC patients, a modest result for a therapy that has driven the bull case on Amtagvi's label expansion. That follows a run of strong news: record Q2 revenue of about $99M (up 66%), a September guidance raise to $410-$420M that sent shares up more than 30%, and positive Phase 2 data in melanoma and sarcoma earlier this month. The NSCLC readout is the piece investors were counting on to widen the addressable market, and a mid-20s response rate leaves that expansion thesis in question.
At the time of this announcement, IOVA was trading at $9.69 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $4.4B. The 52-week trading range was $1.76 to $15.37. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.