Iovance Biotherapeutics Inc (NASDAQ: IOVA) is climbing in the market this morning, and for good reason. The company announced a clinical update, exciting investors and sending the stock screaming for the top. Today, we’ll talk about:
- The clinical update;
- what we’re seeing from IOVA stock as a result; and
- what we’ll be watching for ahead.
IOVA Stock Gains Big On Clinical Update
As mentioned above, Iovance Biotherapeutics is having an incredibly strong start to the trading session this morning after announcing a clinical update. The update came by way of press release early this morning.
In the release, the company announced updates from ongoing clinical trials, including interim data from studies of TIL therapy LN-145. The treatment is currently being developed as a potential option for patients with advanced cervical cancer and advanced melanoma.
IOVA plans on presenting the data at the Annual Meeting of the American Society of Clinical Oncology (ASCO), which is scheduled to take place between May 31 and June 4, 2019.
Moreover, OTLK said that the first PD-1/PD-L1 naive patient has been dosed with TIL therapy. The company also entered into a collaboration with Genocea to evaluate the potential for an improved TIL product.
The data proved to be overwhelmingly positive, with 1 complete response, 9 partial responses, and 2 unconfirmed partial responses for a 44% response rate in cervical cancer. The drug also led to a disease control rate of 89% .
The company also said that Cohort 2 resulted in an overall response rate of 38% with 2 complete responses, 18 partial responses and 1 unconfirmed response.
Finally, Iovance Biotherapeutics also announced that it has dosed the first patient in the Phase 2 IOV-COM-202 clinical study. In this study, the company is assessing TIL therapy in combination with Keytruda as a potential option for patients with melanoma.
In a statement, Amir Jazaeri, M.D., investigator on the InnovaTIL-04 study, had the following to offer:
As advanced cervical cancer is typically diagnosed at a relatively young age and efficacy of existing treatment options is extremely low, there is potential to significantly impact care with an option that can bring about long-term remission and complete responses.
The interim data from LN-145 present compelling evidence that TIL therapy, provided as a single administration, could improve upon current treatments.
The above statement was followed up by Maria Fardis, Ph.D., President and CEO at IOVA, here’s what she had to say:
We are pleased to be sharing our broader melanoma data and now Gen-2 cervical data at ASCO. The data are indicative of the efficacy of TIL therapy in multiple indications. Further, we believe that TIL therapy is a platform which may offer patients with different advanced cancers a potential therapy. We will provide further updates, including duration of response data, at the ASCO meeting.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. When it comes to Iovance Biotherapeutics, the news proved to be overwhelmingly positive.
After all, the TIL treatment candidate is resulting in promising data, and there’s quite a bit going on, meaning that multiple catalysts are ahead. So, it’s not surprising to see that excited investors are pushing the stock for the top.
As is just about always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:10), IOVA stock is trading at $15.20 per share after a gain of $3.97 per share or 35.35% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on IOVA. In particular, we’re interested in following the story surrounding the company’s continued work to bring its TIL treatment to market. Nonetheless, we’ll keep a close eye on the story and bring the news to you as it breaks!
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