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In 2020, billions of dollars have been created and erased by speculation over which companies might develop a treatment for the novel coronavirus. But one of the biotech market’s most unpredictable stories belongs to a company not working on virology at all.

Iovance Biotherapeutics, a company working on cancer immunotherapy, has gained 57%, dropped 50%, and climbed back another 80% since the end of February. That’s all without signing a deal, presenting data, or experiencing any of the other usual causes for value fluctuation.

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