Iovance Stock Plunges as FDA Puts Hold on Lung Cancer Study After Patient Death

Iovance Biotherapeutics
stock was tumbling Wednesday after the Food and Drug Administration placed a clinical hold on a cancer treatment study following the death of a study patient.

Iovance
said in a press release Wednesday that the FDA placed a clinical hold on its trial for a lung cancer therapy after the company reported a death potentially related to the treatment.

Iovance will pause enrollment for the treatment for new patients and will monitor patients who previously had received the treatment.

“Iovance remains dedicated to addressing a significant unmet medical need for patients with advanced [non-small cell lung cancer], who have poor prognosis following disease progression and limited treatment options,” Iovance Chief Medical Officer Friedrich Finckenstein said in the news release. “We will work with the FDA to safely resume enrollment in the IOV-LUN-202 trial as soon as possible.”

Shares of Iovance sank 22% in premarket trading Wednesday to $6.93. Coming into the session, the stock has risen 39% this year.

Most Wall Street analysts who cover the stock are bullish on Iovance. Of the 13 analysts surveyed by FactSet, 12 rate the stock as a Buy, and one recommends holding the shares.

Write to Angela Palumbo at [email protected]

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