Iovance Biotherapeutics (NASDAQ:IOVA) emerged as the top-performing mid-cap stock in the US market in the third quarter of the year, with shares soaring by 256 percent during the period, thanks to the robust demand for its cancer treatments.
Much of the rally was driven by its higher growth guidance for the full year 2026, with the company targeting revenue growth of 56 to 60 percent to a range of $410 million to $420 million, as compared with the $263 million in 2025.
The guidance, it said, was backed by its confidence that strong demand will continue for Amtagvi and Proleukin—which both propelled its earnings performance in the second quarter of the year.
Previously, Iovance Biotherapeutics targeted revenues in the range of $350 million to $370 million, or growth of just 33 percent to 40.7 percent from last year.
For illustration purposes only. Photo by Mizuno K on Pexels
“Increasing patient demand and our current manufacturing schedule provide strong visibility into our third and fourth quarter revenues. In addition, lifileucel (Amtagvi) continues to advance across our registrational programs in new solid tumor indications, while continued manufacturing and operating efficiencies accelerate our progress toward profitability,” Interim President and CEO Frederick Vogt said.
Meanwhile, the company is slated to announce the results of its earnings performance for the third quarter of the year early in November 2026.
Amtagvi Bolsters Q2 Earnings
Amtagvi is a Food and Drug Administration (FDA)-approved intravenous infusion therapy to treat adult patients with unresectable or metastatic melanoma, and is the first and the only one-time, individualized T-cell therapy to receive the regulator’s approval for solid tumor cancer.
In the second quarter alone, Iovance Biotherapeutics raked in net revenues of $99 million, up 66 percent year-on-year. Of that figure, some $91 million was attributed to Amtagvi, while around $9 million came from Proleukin.
Amtagvi was recently approved by regulators in the US, Canada, and Australia, and is currently awaiting the approval of other markets, including the UK, Switzerland, and Europe, among others.
Higher Price Targets
Several analysts indicated their bullish stance on Iovance Biotherapeutics’ stock following its highly optimistic outlook for full-year 2026.
HC Wainwright raised its price target to $20 from $9 previously, while reaffirming a buy recommendation for the stock.
TD Cowen, on the other hand, increased its price target to $16 from $10 and maintained its buy call, amid confidence that the company is capable of hitting $490 million in revenue from Amtagvi in 2027 alone.
Last week, Goldman Sachs gave the biopharmaceutical firm a price target of $15, while assigning a buy recommendation amid operational efficiencies related to the launch of Amtagvi as a catalyst for enhanced gross margins and growth potential.
Hedge Fund Positions Increase
Institutional investors also showed their strong confidence in the company’s long-term growth prospects, as evidenced by the increase in companies establishing exposure alongside their committed capital.
Insider Monkey data showed that 35 hedge funds held positions in the stock in the second quarter of the year, up from 33 in the quarter prior. Their combined holdings increased by 5.5 percent to $341.7 million from $323.9 million quarter-on-quarter.
With the third quarter now in the books, updated 13F filings will be essential for gauging how hedge fund investors are positioning themselves ahead of the next growth phase.
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