Key Highlights

  • Iovance is the steepest decliner of the five, trading 35.35% lower at $9.57 on October 29, 2026.
  • Coherus Oncology trades 21.88% lower at $0.91 after interim esophageal cancer data released on October 28.
  • Kiora Pharmaceuticals trades 17.80% lower at $1.94 on the day of a $3.5 million upfront in-licensing deal.
  • CervoMed and Inovio, trading 16.29% and 14.62% lower, had no dated company release behind their moves.
  • The FDA target action date for Inovio's INO-3107 falls on October 30, 2026.

Five Biotech and Clinical-Stage Names Trading Lower on October 29: What Drove Each

Five biotech and clinical-stage companies are trading lower on Thursday, October 29, 2026, and the reasons vary. Iovance Biotherapeutics (NASDAQ:IOVA) trades 35.35% lower at $9.57 after updated lung cancer data, and Coherus Oncology (NASDAQ:CHRS) trades 21.88% lower at $0.91 following interim esophageal cancer results released on October 28. Kiora Pharmaceuticals (NASDAQ:KPRX) trades 17.80% lower at $1.94 on the day it announced an in-licensing deal, CervoMed (NASDAQ:CRVO) trades 16.29% lower at $1.85, and Inovio Pharmaceuticals (NASDAQ:INO) trades 14.62% lower at $0.7928.

Two of the five moves coincide with a same-day company release, one follows a release from the previous evening, and two have no dated company release. The sections below run from the biggest percentage decline to the smallest.

Iovance: Does the Updated Lung Cancer Data Shift the Outlook?

Iovance shares trade 35.35% lower at $9.57, and the implied prior close is near $14.80 (calculated). The company released updated IOV-LUN-202 results the same day for lifileucel in second-line non-squamous lung cancer, showing a 24.6% response rate in 69 patients, compared with 25.6% in an earlier cut of 39 patients. The release makes no mention of the share move.

Response was 43.3% in KRAS wild-type patients and 11.4% in KRAS-mutant patients, and the company described a biomarker-focused trial strategy with a supplemental application planned for 2027. Full-year revenue guidance was lifted on September 29 to $410 million to $420 million, and third-quarter results are due on November 5. The company estimates the biomarker-enriched group at about 45% of U.S. non-squamous cases, and a frontline cohort pairing lifileucel with pembrolizumab showed responses in 6 of 7 patients.

Coherus Oncology: A 75% Response Rate in Eight Patients and the Open Durability Question

Coherus Oncology shares trade 21.88% lower at $0.91, and the implied prior close is near $1.16 (calculated). The move comes after interim tagmokitug results released after the close on October 28, which showed a confirmed response rate of 75% (6 of 8) in first-line esophageal cancer, or 89% (8 of 9) after later confirmations. The cohort is small and durability is still open.

The second-line esophageal cohort at 700 mg showed a 16.7% response rate (1 of 6). Cash was $105.3 million on June 30, down from $172.1 million at year-end 2025, and third-quarter results are due on November 9. LOQTORZI net revenue was $13.6 million in the second quarter, up 37% from a year earlier.

Kiora Pharmaceuticals: The Price Tag on the KIO-401 In-Licensing Deal

Kiora shares trade 17.80% lower at $1.94, and the implied prior close is near $2.36 (calculated). On the same day the company in-licensed the oral calpain inhibitor KIO-401 from Senju Pharmaceutical for central retinal artery occlusion, paying $3.5 million upfront, and said it is weighing financing alternatives without giving an amount or structure.

A one-time technology transfer payment in the low-teens of millions is expected in 2027, set against cash and short-term investments of about $16.8 million on June 30. A US-focused Phase 3 trial is targeted for 2027, subject to funding. Senju retains Asian rights and can earn milestones and single-digit royalties on net sales outside Asia.

CervoMed: Penny Stock Slips With No Dated Release in Sight

CervoMed shares trade 16.29% lower at $1.85, and the implied prior close is near $2.21 (calculated). No dated company release came with the move. The price is 54% under the $4.00 per share paid in a June 2026 registered direct offering (calculated).

Cash was about $24.9 million on June 30, which the company says funds operations through the third quarter of 2027. Biomarker data from its Phase 2a trial in nonfluent variant primary progressive aphasia are due at an Alzheimer's trials conference on November 16 to 19, 2026. The second-quarter net loss was about $6.6 million, and the company's top priority is securing a strategic partner to carry neflamapimod into Phase 3 in dementia with Lewy bodies.

Inovio Pharmaceuticals: Shares Retreat One Day Ahead of the FDA Decision Date

Inovio shares trade 14.62% lower at $0.7928, and the implied prior close is near $0.9285 (calculated). No dated company release came with the move, which arrives one day before the FDA target action date of October 30, 2026 for INO-3107 in recurrent respiratory papillomatosis.

Cash and investments were $36.7 million on June 30, excluding about $18.3 million of net proceeds raised in July, and management expects funding into late first quarter 2027. In its acceptance letter, the FDA noted a preliminary view that eligibility for accelerated approval had not been adequately justified. The second-quarter net loss narrowed to $6.0 million from $23.5 million, helped by a $13.9 million warrant gain.

The Five Declines Side by Side: Size, Price and Catalyst Timing

Iovance's 35.35% decline is 20.73 percentage points bigger than Inovio's 14.62% (calculated), the widest gap in the group. Coherus Oncology's 21.88% tops CervoMed's 16.29% by 5.59 percentage points (calculated), and Kiora's 17.80% sits 1.51 points above CervoMed (calculated). The simple average of the five moves is about 21.19% (calculated).

Prices cover a wide range. Iovance at $9.57 is $8.66 above Coherus Oncology at $0.91 (calculated), and both Coherus Oncology and Inovio at $0.7928 trade under $1. Implied equity values also differ, at about $4.3 billion for Iovance, about $141 million for Coherus Oncology and roughly $8.6 million for Kiora (all calculated).

On timing, only Iovance and Kiora moved on the day of their own releases. Coherus Oncology followed its October 28 results, while CervoMed and Inovio have no dated release.

Dates Ahead: Inovio's October 30 FDA Decision, Then November Earnings and Data

The closest dated event is the FDA target action date for INO-3107 on Friday, October 30, 2026. Iovance reports third-quarter results on Thursday, November 5, and Coherus Oncology follows on Monday, November 9. CervoMed presents Phase 2a biomarker data on November 16 to 19, while Kiora's next markers are the financing announcement tied to KIO-401 and its 2027 Phase 3 start. Iovance also opens enrollment in its POSITILITY cohort in November 2026. The first-line liver cancer readout for casdozokitug at Coherus Oncology is guided to the second half of 2026.