10 Worst Cancer Stocks To Buy Now According to Short Sellers

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

Short % of Float: 24.47%

Number of Hedge Fund Holders: 33

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA), based in San Carlos, California, focuses on developing cell therapies using autologous tumor-infiltrating lymphocytes to target metastatic melanoma and other solid tumors.

Despite being heavily shorted, Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) has delivered an optimistic outlook in its second-quarter 2024 earnings report, showcasing impressive revenue growth fueled by strong demand for its product, Amtagvi. The company recorded Q2 product revenue of $31.1 million and forecasts revenues of $53 million to $55 million for Q3 2024, with full-year expectations ranging from $160 million to $165 million. Looking ahead to 2025, Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) anticipates a significant increase in product revenue to between $450 million and $475 million. These projections have led TD Cowen to reaffirm its Buy rating on IOVA.

The company is also expanding its manufacturing capabilities and advancing its clinical pipeline, with ongoing trials for Amtagvi targeting advanced melanoma and non-small cell lung cancer. Additionally, Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) plans to expand its network of authorized treatment centers to at least 70 by year-end. Despite reporting a net loss of $97.1 million for Q2 2024, the company’s cash position of approximately $449.6 million as of July 24, 2024, is projected to sustain operations through 2026.

In Q2, 33 hedge funds held long positions in Iovance, with a combined stake valued at $712.7 million.

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.”