Why Iovance Biotherapeutics Stock Got Mashed on Monday
Monday won't go down as a particularly memorable trading session on the stock market. It also won't be marked as a great day for shareholders of biotech Iovance Biotherapeutics (NASDAQ: IOVA). The company spooked investors with the disclosure that it's embarking on a new round of potentially dilutive capital raising.
That sent the company's share price down by nearly 6% today, quite some distance down the ladder from the S&P 500 index's 0.4% decline.
Iovance, a commercial-stage biotech that focuses on novel treatments for cancer, divulged the measure in two regulatory filings published after market hours Friday. The filings detailed plans to raise up to $350 million in an at-the-market, secondary issue of its common stock.
Source Fool.com
