Some investors are attracted to small biotech stocks because of their potential for explosive returns. It’s not uncommon for these stocks to go parabolic after positive news is announced.
That’s exactly what happened to Iovance Biotherapeutics (NASDAQ: IOVA). The stock has skyrocketed more than 100% so far in 2024. But is Iovance Biotherapeutics still a buy after this huge gain?
Behind Iovance’s huge gain
As of Feb. 16, 2024, Iovance’s share price was up only around 13% year to date. When the market opened on the next business day following the Presidents’ Day holiday, the stock took off and hasn’t stopped climbing since.
What provided the big catalyst? The U.S. Food and Drug Administration (FDA) announced accelerated approval for Amtagvi (lifileucel) in treating advanced melanoma. This approval marked a milestone for personalized medicine. Amtagvi is the first (and so far only) one-time…
