There’s nothing like a top-level management departure to get investors worried about a publicly traded company.
Investors in biotech stock Iovance Therapeutics (NASDAQ: IOVA) were served a strong reminder of the company’s latest executive departure earlier in the week. With that headwind blowing in its face, Iovance’s shares lost almost 15% of their value during the week, according to data compiled by S&P Global Market Intelligence.
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Bye-bye, says executive
Hagens Berman Sobol Shapiro, one of the numerous law firms currently investigating Iovance’s activities, was behind the reminder. It pointed out that CFO Jean-Marc Bellemin stepped down from his post earlier in June. His resignation is effective this coming July 10.
Image source: Getty Images.
The law firm hinted that the cancer-focused biotech company’s legal headaches were at least partially responsible for this. It wrote in a press release that “Bellemin’s exit comes at a tumultuous time, as the company is grappling with a recent commercial setback for its flagship drug, Amtagvi, and the specter of a class action securities lawsuit.”
Iovance originally disclosed the CFO’s resignation on Friday, June 13 in a tersely worded regulatory filing with the Securities and Exchange Commission (SEC). It said only that Bellemin made the move “to pursue other opportunities.” It did not elaborate on this.
Adding to the struggles
Besides its legal headaches, Iovance is struggling to produce impressive fundamentals. Although it delivered decent top-line growth — thanks to Amtagvi, a melanoma drug — it made quite a drastic cut to its product-revenue guidance for the entirety of this year.
I don’t think Iovance is in a good place just now. However, Amtagvi still has much potential, and the biotech is a player to watch in the cancer space. It might just be worthy of a buy for investors with a large appetite for risk.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Iovance Biotherapeutics. The Motley Fool has a disclosure policy.
