Why Iovance Biotherapeutics Shares Are Tumbling Tuesday
Portfolio Pulse from Adam Eckert
Iovance Biotherapeutics Inc's shares are trading lower after the company announced the pricing of a public offering of 20 million shares at $7.50 per share, expected to raise approximately $150 million. The proceeds will be used to fund preparations for the commercial launch of lifileucel, support the development of the company's pipeline candidates, and support Proleukin integration activities. Despite the drop, Truist Securities and Chardan Capital analysts reiterated a Buy rating for Iovance, with price targets of $17 and $29 respectively.
July 11, 2023 | 1:30 pm
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NEGATIVE IMPACT
Iovance Biotherapeutics' shares are trading lower after the announcement of a public offering. However, analysts from Truist Securities and Chardan Capital maintain a Buy rating, indicating potential recovery.
The announcement of a public offering often leads to a short-term drop in share price due to dilution of existing shares. However, the maintained Buy ratings from analysts suggest confidence in the company's long-term prospects, which could mitigate the short-term negative impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100