10 Most Promising Cancer Stocks According to Hedge Funds

7. Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)

Average Analyst Upside: 103.78%

Number of Hedge Fund Holders: 30

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA), headquartered in San Carlos, California, specializes in cell therapies using autologous tumor-infiltrating lymphocytes to treat metastatic melanoma and other solid tumors.

On October 24, UBS began coverage of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) with a Buy rating and a $17 price target, highlighting confidence in the company’s commercial product, Amtagvi, and its market potential, particularly in second-line and later (2L+) melanoma treatment. UBS projects Amtagvi revenue to exceed expectations in 2024, estimating $121 million versus the consensus of $114 million.

In Q3 2024, Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) generated $42.1 million from Amtagvi sales and $16.5 million from Proleukin, bringing year-to-date revenue to $90.4 million. The company forecasts total product revenue of $160-$165 million for FY24 and $450-$475 million for FY25. Iovance is also expanding manufacturing capacity and advancing regulatory submissions in Europe and Canada to grow its global market presence.

Artisan Small Cap Fund stated the following regarding Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) in its Q2 2024 investor letter:

“Among our top detractors for the quarter were Lattice Semiconductor and Iovance Biotherapeutics, Inc. (NASDAQ:IOVA). Iovance Biotherapeutics is a biotechnology company focused on innovating, developing and delivering novel polyclonal tumor-infiltrating lymphocyte (TIL) cell therapies for cancer patients. The stock rallied significantly in Q1 after announcing that the FDA approved AMTAGVI™ (lifileucel) for advanced melanoma. Now that the scientific risk is behind the company, investor focus has shifted to the company’s commercial execution, and shares experienced weakness after the company reported earnings results. It announced the enrollment of more than 100 patients for therapy; however, this was not enough to alleviate investor concerns about patient attrition. In our view, there is no issue with the efficacy of its life-saving treatment. Headwinds have been caused by challenges in ramping production, which is understandable in the early days. We view these concerns as overblown and remain invested.”