IOVA stock is on fire in Thursday’s session after Iovance Biotherapeutics Inc (NASDAQ:IOVA) announced positive results for its LN 145, an advanced cervical cancer drug.
California-based biotechnology company, Iovance Biotherapeutics, has been one of the most interesting and innovative companies in the industry over the past year and finally, its stock is on a tear on the NASDAQ. This morning, Iovance Biotherapeutics revealed that one of its flagship drugs, known as LN 145, has returned with a clinical update and the results of the update have been welcomed by investors.
Iovance Produces Impressive Data
The company released a press release in relation to the clinical update for its advanced cervical cancer drug LN 145 in the morning and due to the timing of the release, the stock started climbing in early trade. The clinical update is very positive and that is great news for Iovance, considering the fact that the drug they have created has the potential to be a leader in the market.
However, that is not all. In a development that clearly shows how confident the company about its product, Iovance also announced that it is going to reveal more details about the clinical trials at the Annual Meeting of the American Society of Clinical Oncology, a prestigious and important event. It runs from May 31 through June 4, 2019.
Following the announcement, IOVA stock shot up by $3.97 to $15.20; a whopping gain of 35.35% in the early trading session.
IOVA Stock Prospects
Biotech companies can create as many products as they like but at the end of the day, the clinical trials need to be positive. In the case of Iovance, the data from the clinical trials is extremely positive and shows why the company’s stock is climbing today. Out of the 12 patients who were treated with the drug, 1 responded completely, while 9 others responded partially and 2 patients’ responses could not be confirmed. It makes for a 44% response rate and the drug also recorded 89% in the disease control rate metric.
What do you think of IOVA stock after today’s big news?
Featured Image: iovance.com