This Stock Is Up 74% This Year: Is It Too Late to Buy?
Yahoo Finance ·
After several years of underperforming the market, Iovance Biotherapeutics ( IOVA 1.61% ) is finally bouncing back. The biotech company's shares have soared 74% this year. However, the stock still looks pretty cheap -- it is trading for just under $5 apiece. And for what it's worth, several Wall Street analysts think it could rise even more. Its average price target (according to Yahoo! Finance) is $8.80. Should investors rush to buy the company's shares? Iovance Biotherapeutics developed Amtagvi, an approved medicine for treating melanoma. Amtagvi is manufactured from patients' own cancer -fighting cells, which are harvested, grown in a lab, and then reinserted back into the patient. Amtagvi's sales are growing at a good clip. In the first quarter, Iovance Biotherapeutics' revenue (mostly from this product) increased 45% year over year to $71.4 million. Meanwhile, Iovance Biotherapeutics is making progress in regions outside the U.S. It earned approval for Amtagvi in Canada last year, and could see the medicine's sales improve meaningfully as it ramps up commercial efforts in the country. Further, Iovance Biotherapeutics could obtain approval for Amtagvi in several other countries, including across the European Union. Launching the medicine in these regions would significantly expand its addressable opportunity, likely even more so than the Canadian market. Elsewhere, the company is making clinical progress. Iovance Biotherapeutics is developing Amtagvi for the treatment of endometrial cancer. The company also boasts several other pipeline candidates. Provided the biotech company can earn significant clinical wins over the next few years while also making solid commercial progress with Amtagvi, it could maintain the momentum it has had so far this year.
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