Investors are often drawn to small biotech stocks due to their potential for significant returns. It’s not unusual for these stocks to experience rapid growth after positive news is released.
This is exactly what happened with Iovance Biotherapeutics (NASDAQ: IOVA). The stock has surged by over 100% in 2024. But is Iovance Biotherapeutics still a viable investment after such a substantial increase?
The Catalyst Behind Iovance’s Surge
As of February 16, 2024, Iovance’s share price had only increased by around 13% year-to-date. However, when the market opened after the Presidents’ Day holiday, the stock took off and has continued to climb since then.
What caused this significant surge? The U.S. Food and Drug Administration (FDA) granted accelerated approval for Amtagvi (lifileucel) in the treatment of advanced melanoma. This approval marked a major milestone for personalized medicine. Amtagvi is the first and only one-time therapy that utilizes patient-specific T cells known as tumor-infiltrating lymphocyte (TIL) cells to…
2024-02-29 05:51:00
Link from finance.yahoo.com