Iovance Biotherapeutics Approval Boost

Shares of Iovance Biotherapeutics surged following the recent approval from the U.S. Food and Drug Administration for their metastatic melanoma treatment.

Robust Stock Performance

Iovance stock soared by 30% to $11.87 on Tuesday - marking its most significant increase since June 3, 2016, when it saw a 43% surge, as per data from Dow Jones Market Data.

Accelerated Approval for Amtagvi

The biotech company announced that the FDA granted accelerated approval for Amtagvi, their treatment for metastatic melanoma. This innovative therapy is hailed as the "first and only one-time, individualized T cell therapy to receive FDA approval for a solid tumor cancer."

Manufacturing in Philadelphia

Iovance's cutting-edge treatment will be manufactured at their Cell Therapy Center in Philadelphia. With the capability to cater to thousands of patients annually, the company plans to expand further in the coming years.

Positive Street Reactions

The approval has garnered praise from Wall Street, leading to several firms raising their price targets. Notable increases include Wells Fargo raising its target to $22, Piper Sandler to $18, and H.C. Wainwright to $32.

Funding for Commercial Launch

In addition to the approval news, Iovance also disclosed the pricing of a $211 million underwritten public offering of common stock at $9.15 per share. The proceeds from this offering will be allocated towards supporting the commercial launch of Amtagvi and other strategic initiatives.