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# Iovance Stock Plunges 12%, Wiping Out $525 Million, After Lung Cancer Data Draws Questions
- URL: https://www.bullished.co/iovance-stock-plunges-12-wiping-out-525-million-after-lung-cancer-data-draws-questions-9f7f1d6d/
- Published: 2026-10-30T13:59:52.000Z
- Updated: 2026-10-30T13:59:52.000Z
- Description: The cell-therapy maker's shares extended a steep slide after a 59.1% response rate turned out to cover only a small subgroup.
- Author: Matteo Parrino
- Tags: Markets, IOVA, Industry: Healthcare

[Iovance Biotherapeutics](https://www.bullished.co/tag/iova/), which makes cell therapies for solid tumor cancers, saw its shares fall 12.13% to $8.40 in Friday trading as of 9:57 a.m. ET, erasing about $525 million in market value. The drop followed lung-cancer data the company released Thursday in an [8-K](https://www.sec.gov/Archives/edgar/data/0001425205/000110465926120261/tm2628468d1%5F8k.htm?ref=bullished.co): a strong response rate that held only in a narrow subgroup.

## A subgroup carries the headline number

The company reported a 59.1% response rate in a lung-cancer subgroup, which was selected retrospectively and covers 22 of the 69 patients in the trial. Across all 69 patients on lifileucel, the response rate was 24.6%, against 25.6% previously reported in 39 patients. Two responses still await confirmation.

Iovance plans a supplemental license application in 2027\. A new cohort selected by biomarker is set to begin enrolling in November, the company said.

Friday's slide was on pace to be Iovance's second drop of 10% or more this month.

## Up 250% this year, then a 34% slide

Iovance shares were up about 250% this year at Thursday's close, well ahead of the S&P 500's gain of about 13%, but had slid 34% over the previous month.

The rally rested on Amtagvi, its one-time cell therapy for previously treated advanced melanoma. Amtagvi drove [record second-quarter revenue](https://www.sec.gov/Archives/edgar/data/1425205/000110465926091716/iova-20260630x10q.htm?ref=bullished.co) of $99.3 million, up 66% from about $60 million a year earlier, and a net loss of $47.3 million. Gross margin was 56%.

Interim CEO Frederick Vogt said the company was reviewing its 2026 revenue guidance of [$350 million](https://www.sec.gov/Archives/edgar/data/0001425205/000110465926091619/tm2622322d1%5Fex99-1.htm?ref=bullished.co) to $370 million, with an update promised during the third quarter. The lung-cancer program is the next test of whether the story extends beyond melanoma.

Iovance is scheduled to report third-quarter results on Thursday, November 5, with biomarker-cohort enrollment due to start in November.

### Sources

- [SLS, IOVA, IBRX Slump In October As Biotech Stocks Hold Steady: Virginia Pension Fund Raised Stakes In All 3](https://finance.yahoo.com/healthcare/articles/sls-iova-ibrx-slump-october-050716873.html?ref=bullished.co) — Yahoo Finance
- [Why Did IOVA Stock Jump Over 10% After-Hours Today?](https://finance.yahoo.com/markets/stocks/articles/why-did-iova-stock-jump-005722220.html?ref=bullished.co) — Yahoo Finance
- [Iovance plummets on new phase 2 Amtagvi data for non-small-cell lung cancer | Seeking Alpha](https://seekingalpha.com/news/4660656-iovance-plummets-new-phase-2-amtagvi-data-non-small-cell-lung-cancer?ref=bullished.co) — seekingalpha.com
- [Iovance, A Top 1% Biotech Stock, Crashes In A Surprise Lung Cancer Twist | Investor's Business Daily](https://www.investors.com/news/technology/iovance-stock-lung-cancer-treatment/?ref=bullished.co) — investors.com
- [Iovance股價因肺癌試驗數據令人失望而下跌](https://hk.finance.yahoo.com/news/iovance%E8%82%A1%E5%83%B9%E5%9B%A0%E8%82%BA%E7%99%8C%E8%A9%A6%E9%A9%97%E6%95%B8%E6%93%9A%E4%BB%A4%E4%BA%BA%E5%A4%B1%E6%9C%9B%E8%80%8C%E4%B8%8B%E8%B7%8C-121613080.html?ref=bullished.co) — Yahoo Finance
- [The company's filing (Iovance Biotherapeutics)](https://www.sec.gov/Archives/edgar/data/0001425205/000110465926120261/tm2628468d1%5F8k.htm?ref=bullished.co) — SEC filing
- [Iovance Biotherapeutics — Form 10-Q for the quarter ended 2026-06-30 (quarterly results)](https://www.sec.gov/Archives/edgar/data/1425205/000110465926091716/iova-20260630x10q.htm?ref=bullished.co) — SEC EDGAR
- [Iovance Biotherapeutics — earnings release (Form 8-K, Item 2.02), filed 2026-08-06](https://www.sec.gov/Archives/edgar/data/0001425205/000110465926091619/tm2622322d1%5Fex99-1.htm?ref=bullished.co) — SEC EDGAR

### More on Iovance Biotherapeutics

- [Iovance Lung Cancer Subgroup Hits 59.1% Response Rate, But Broader Group Reaches Only 24.6%](https://www.bullished.co/iovance-lung-cancer-subgroup-hits-59-1-response-rate-but-broader-group-reaches-only-24-6-ed484d87/)
- [Iovance's October Investor Deck Repeats Its Raised 2026 Revenue Target Of $410 Million–$420 Million](https://www.bullished.co/iovance-lifts-2026-revenue-target-to-410-million-420-million-in-october-investor-deck-4d79c13a/)
- [Iovance Raises Full-Year Revenue Guidance By $55 Million, Citing Record Amtagvi Demand](https://www.bullished.co/iovance-raises-full-year-revenue-guidance-by-55-million-citing-record-amtagvi-demand-bfd63f8d/)

[All Iovance Biotherapeutics (IOVA) coverage →](https://www.bullished.co/tag/iova/)