5 Stocks with Biggest Upside Potential According to Analysts

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

Number of Hedge Fund Holders: 40

Upside Potential as of July 20: 224.02%

San Carlos, California-based Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) is a biotechnology company focused on innovating, developing, and delivering tumor infiltrating lymphocyte (TIL) therapies for patients with cancer. Its lead late-stage product candidate, lifileucel for metastatic melanoma, has the potential to become the first approved one-time cell therapy for a solid tumor cancer.

On July 13, Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) announced the closing of an underwritten public offering of 23 million of its common stock at an offering price of $7.50 per share. The offering generated gross proceeds of $173 million which the company intends to use for the commercial launch of lifileucel (if approved), to continue to prepare the company’s manufacturing facility in Philadelphia, and for other activities.

Previously on July 10, Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) announced that it had received positive feedback from FDA for its IOV-LUN-202 trial for accelerated approval of TIL therapy in advanced non-small cell lung cancer. Following the announcement, Chardan Capital reiterated a ‘Buy’ rating and a $29 price target for the shares of the company.

As of Q1 2023, Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) was the second most commonly held stock out of the 12 stocks with biggest upside potential according to analysts. Its shares were held by 40 of the 934 prominent hedge funds tracked by Insider Monkey with a total value of $463 million.