13 Best Biotech Penny Stocks to Buy According to Hedge Funds

2. Iovance Biotherapeutics Inc. (NASDAQ:IOVA)

Share Price as of April 14: $3.3

Number of Hedge Fund Holders: 44

Iovance Biotherapeutics Inc. (NASDAQ:IOVA) develops and commercializes cell therapies using autologous tumor-infiltrating lymphocytes for the treatment of metastatic melanoma and other solid tumor cancer. It has collaborations and licensing agreements with several companies and institutes such as WuXi Advanced Therapies Inc. and the National Cancer Institute.

Iovance’s main growth engine is Amtagvi, which is the first FDA-approved TIL cell therapy for advanced melanoma post-anti-PD-1 treatment. In 2024, Amtagvi generated $103.6 million in revenue and contributed to the total product revenue of $164.1 million at the company. More than 200 patients were treated in its initial launch phase. Iovance’s manufacturing network can now support more than 1,200 patients annually and is expanding.

It established a network of around 70 authorized treatment centers (ATCs) across 32 US states and provides reimbursement access to over 95% of covered lives. Iovance Biotherapeutics Inc. (NASDAQ:IOVA) projects total product revenue of $450 to $475 million for 2025, which would be fueled by increased Amtagvi utilization and new ATCs.

Earlier last year, Artisan Small Cap Fund stated the following regarding Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) in its first quarter 2024 investor letter:

“Among our top performers in Q1 were Shockwave, Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) and Wingstop. Iovance Biotherapeutics is a biotechnology company focused on innovating, developing and delivering novel polyclonal tumor infiltrating lymphocyte (TIL) cell therapies for cancer patients. Immuno-oncology remains a key area of drug development, and Iovance is the leader in TIL development and manufacturing, having secured the technology through collaborations with the leading academic institutions in TIL reseach. Shares rallied significantly after the company announced that the FDA approved AMTAGVI™ (lifileucel) for advanced melanoma. We added to the position.”