Shares of biotech company Iovance soared by a third. It raised its full-year outlook “midway through the year.”

Shares of mid-cap biotech company Iovance Biotherapeutics surged more than 31% on September 29, reaching an intraday high not seen since March 2024. The company reported that record demand for its melanoma (a malignant skin tumor) treatments allowed it to raise its annual revenue forecast by 15% “midway through the year.”

Iovance shares rose 31.5% on the Nasdaq on September 29, reaching $14.45. During the trading session, the stock climbed as high as $15.3, its highest level since March 2024. In premarket trading on September 30, the stock rose another 1.7%.

The rally began after the company raised its revenue forecast for 2026 to $410–420 million. This is about 15% higher than its previous forecast and nearly 60% higher than the 2025 figure.

Iovance was able to raise expectations thanks to record second-quarter results, according to the statement. As a result, the company’s revenue soared 66% to $99.3 million, it reported in early August. The biotech company explained that strong demand for the melanoma drugs Amtagvi and Proleukin drove this growth.

"The ongoing momentum and current production schedule ensure a high degree of revenue predictability in the third and fourth quarters," Iovance quotes Frederick Fogt, interim CEO, as saying.

Iovance is developing new methods for treating cancer that are based on the human immune system’s ability to recognize and attack cancer cells. To do this, the company collects the patient’s own lymphocytes—which fight the tumor but cannot defeat it—and then cultivates them outside the body before reintroducing “billions of enhanced cells” back into the patient, according to BioPharma Dive.

In February 2024, the U.S. Food and Drug Administration (FDA) approved the company’s first product—Amtagvi—a drug intended for the treatment of advanced or inoperable melanoma, an aggressive form of skin cancer.

This therapy is used only in combination with another drug—Proleukin—the rights to which Iovance acquired in 2023. It helps the injected cells transition from a controlled laboratory environment directly into the body, Jason Bock, co-founder and CEO of the Center for Cell Therapy Manufacturing, explained to Biopharma Dive. In other words, Proleukin promotes the survival of the enhanced cells.

However, the company ran into difficulties as early as the first few months: the adoption of Amtagvi in clinical practice was slower than expected, and the company also faced production issues. This forced the biotech company to cut its workforce by 20% and reduce its revenue forecast by approximately 40% in mid-2025. Subsequently, production was expanded, and the number of medical centers offering the therapy increased. Amtagvi is now approved in three countries, and the company is researching its underlying compound for the treatment of other types of cancer.

Following an upward revision to Iovance's revenue forecast, analysts at HC Wainwright & Co. more than doubled their price target for the company's stock—from $9 to $20—while maintaining their "buy" rating.

Seven other Wall Street analysts have assigned the same rating to the biotech stock, and two recommend holding the shares. The average price target is $12.4, which is below the most recent closing price. However, Iovance’s stock price has soared 429% since the beginning of the year.