January is a month of new beginnings. For some, it means ridding themselves of flaws and putting into action various resolutions moving forward with the new year. For the stock market, it means there are a lot of companies announcing IPOs.
One of which happens to be Iovance Biotherapeutics, Inc. (NASDAQ:IOVA), who just today announced the pricing of its IPO. Sure, it might be a little late in the month, but investors don’t seem to mind. In fact, they seem to be pleased with what was announced, as the stock is currently witnessing a boost of nearly 30% on the Nasdaq exchange.
More Biotherapeutics Stock News >>
What Happened?
On Tuesday, Inovance Biotherapeutics announced the price of its offering of 13,043,479 shares of its common stock at a public offering price valued at $11.50 per share. For those who don’t know, Inovance is a pharmaceutical company that focuses on attending to life-threatening diseases such as cancer. As for the gross proceeds from the public offering, Inovance Biotherapeutics announced that it is forecasting the proceeds to be $150 million.
According to the initial report, Inovance plans to use the gross proceeds from the public offer to finance various clinical trials for its main product candidates, like LN-144, TIL, which is a treatment for metastatic melanoma.
Mentioned briefly, investors seem to be pleased with the announcement. This optimism has caused the stock to soar today, making it one of the trending tickers of the day. It has also allowed the company to hit a new 52-week high today. Currently, Inovance Biotherapeutics is trading at $14.68, which puts the stock up $3.18, or 27.83%.
The Takeaway
January might be a popular month when it comes to IPOs, with Inovance being the latest to announce their price this month, but I wouldn’t go as far as saying that this is the only moment of success the company has experienced this month. In fact, the company has been reaching new 52-week highs every few days ever since January 19, leading up to today, January 25.
For these reasons, I would suggest keeping an eye on the Inovance stock going forward.
Featured Image: iovance.com
