IOVA Stock Drops 6% on $350M Common Stock Offering

Group 1 - Iovance Biotherapeutics (IOVA) is conducting a secondary stock offering to raise $350 million, with share pricing yet to be disclosed [1][7] - The company's stock fell 6% following the announcement, reflecting investor concerns over potential dilution from the new issue [2][7] - Year-to-date, Iovance's shares have decreased by 66%, contrasting with a 4% growth in the industry [3] Group 2 - Proceeds from the stock offering will be used to expand the commercial reach of Iovance's melanoma therapy, Amtagvi, and support clinical development of pipeline candidates [5][9] - Iovance has two marketed drugs: Proleukin for metastatic renal cell carcinoma and metastatic melanoma, and Amtagvi, which is under evaluation in combination with Merck's Keytruda for advanced melanoma [6][8] - The company is on track to provide updates from various clinical studies, including the phase II IOV-LUN-202 study for post-anti-PD-1 non-small cell lung cancer and the phase II IOV-GM1-201 study for advanced melanoma [9][10]