Amtagvi Approval Boosted Iovance Biotherapeutics, Inc. (IOVA), But Can the Rally Last?

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) is among the hidden penny stocks to invest in. As of June 10, Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) was trading near the low levels reported on June 3, before the stock appreciated following the Australian approval of Amtagvi. The stock has returned to its pre-approval levels.

On June 4, TheFly reported that Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) has received conditional approval of Amtagvi from the Therapeutic Goods Administration of Australia. This marks the third marketing authorization for Amtagvi, underscoring a huge step forward in a market with the highest rate of melanoma globally.

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Overall, 80% of the analysts are bullish on Iovance Biotherapeutics, Inc. (NASDAQ:IOVA), with the remaining 20% neutral. On May 8, Chardan trimmed the price target on the company from $16 to $14 and reiterated a Buy rating. In a research note, the analyst attributed this model readjustment to the revised Amtagvi launch guidance. Management now forecasts Q2 Amtagvi revenue to be between $79 million and $81 million. With this potential, the company has secured a spot among the hidden penny stocks to invest in.

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA), incorporated in 2007, is a California-based commercial-stage biopharmaceutical company specializing in cell therapies for metastatic melanoma and other solid tumor cancers.

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