Shares of
Iovance Biotherapeutics
were charging higher on the heels of the U.S. Food and Drug Administration granting accelerated approval for its metastatic melanoma treatment.
Iovance stock was up 30% to $11.87 on Tuesday, putting it on track for its largest increase since June 3, 2016, when it gained 43%, according to Dow Jones Market Data.
The biotechnology company on Friday said the FDA granted accelerated approval for Amtagvi, Iovance’s treatment for metastatic melanoma, which “is the first and the only one-time, individualized T cell therapy to receive FDA approval for a solid tumor cancer.”
The treatment will be manufactured in Philadelphia at the Iovance Cell Therapy Center, which has the capacity to serve thousands of patients a year, and ongoing expansion will further that reach over the next few years, the company continued.
The news left Wall Street applauding, with multiple firms increasing price targets. Wells Fargo raised its price target to $22 from $17, Piper Sandler lifted its price target to $18 from $14, in a note titled “An Approval A Few Decades In The Making,” and H.C. Wainwright raised its price target to $32 from $28.
Separately, on Tuesday, the company announced the pricing of a $211 million underwritten offering of common stock at $9.15 a share, adding that it plans to use the proceeds to support the commercial launch of Amtagvi, among other initiatives.
Write to Emily Dattilo at [email protected]
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