Iovance Biotherapeutics Stock Drops Amid Dilutive Capital Raising Plans

Iovance Biotherapeutics saw its shares tumble nearly 6% on Monday after announcing plans to raise up to $350 million through a secondary stock offering. The biotech firm's disclosure, made in regulatory filings late Friday, spooked investors concerned about potential dilution.

The commercial-stage cancer treatment specialist has enlisted Jefferies to manage the at-the-market offering, with the financial services firm earning a 3% commission. Proceeds will fund commercialization of lead drug Amtagvi and support pipeline development, though the vague "general corporate purposes" language added to investor unease.

While the broader market dipped just 0.4%, Iovance's steeper decline reflects sector-specific jitters about equity dilution. The timing remains fluid, with share sales to occur intermittently per company instructions to Jefferies.