Iovance Biotherapeutics Stock Soars 20% After Cancer Therapy Maker Raises 2026 Revenue Forecast Sharply

SAN CARLOS, Calif. — Shares of Iovance Biotherapeutics jumped more than 20% in early trading Tuesday after the cancer cell therapy maker sharply raised its full-year revenue forecast, citing accelerating demand for its melanoma treatment Amtagvi.

Iovance stock was trading at $13.24 as of 9:52 a.m. EDT, up $2.26, or 20.52%, from Monday's close of $10.98. The shares touched a new 52-week high in early trading, extending a powerful rally that has lifted the stock several times over this year.

Revenue guidance raised

In a filing with the Securities and Exchange Commission before the market opened, Iovance raised its 2026 total revenue guidance to between $410 million and $420 million, up from its previous forecast of $350 million to $370 million.

The new range represents an increase of about 15% at the midpoint and implies annual revenue growth of nearly 60%.

The company attributed the improved outlook to sustained and accelerating demand across U.S. treatment centers for Amtagvi, also known as lifileucel, and Proleukin, its interleukin-2 product used as part of the Amtagvi treatment regimen.

Interim President and CEO Frederick Vogt pointed to the company's record second quarter as giving it strong visibility into the rest of the year, according to Investing.com. Iovance reported total product revenue of $99.3 million in the second quarter, with a gross margin of 56%.

Vogt said manufacturing schedules and patient demand trends support the company's confidence in its third- and fourth-quarter revenue. The guidance update also completes a formal review that management had flagged when it reported second-quarter results in August.

Growing treatment network

Iovance has been steadily expanding its network of authorized treatment centers, the hospitals and cancer centers certified to administer Amtagvi. The network is approaching 100 centers, and the company is targeting at least 110 by the end of the year.

Amtagvi is a one-time, personalized cell therapy. Doctors surgically remove a portion of a patient's tumor, and Iovance extracts and multiplies immune cells known as tumor-infiltrating lymphocytes, or TILs, that have already recognized the cancer. The expanded cells are then infused back into the patient to attack the tumor.

The U.S. Food and Drug Administration approved Amtagvi in February 2024 for adults with advanced melanoma that has progressed after other treatments, including anti-PD-1 immunotherapy. It was the first cell therapy approved in the U.S. for a solid tumor cancer, a milestone for a field that had previously seen success mainly in blood cancers.

The complex, individualized manufacturing process initially created logistical challenges that slowed the treatment's commercial launch. Analysts say those hurdles have eased as the company has scaled up operations.

Analysts turn bullish

Tuesday's rally builds on a wave of positive analyst sentiment in recent days.

Goldman Sachs resumed coverage of Iovance last week with a buy rating and a $15 price target, saying the Amtagvi launch is inflecting as operational constraints ease, logistics improve and margins strengthen. The Goldman note helped send the stock up nearly 6% on Sept. 24.

Earlier this month, Barclays raised its price target on Iovance to $15 from $13, citing strong feedback from physicians and anticipation of lung cancer data for lifileucel expected in the fourth quarter.

Iovance is studying lifileucel in other solid tumors, including non-small cell lung cancer, which could significantly expand the treatment's market if successful. Barclays highlighted the therapy's potential in second-line lung cancer as a key competitive advantage.

Remarkable turnaround

The stock's surge caps a dramatic turnaround for Iovance. The shares began the year at $2.73 after a steep decline in 2025, when investors grew worried about the pace of Amtagvi's commercial rollout and the company's cash burn.

Since then, the stock has climbed as revenue has grown rapidly and losses have narrowed. By Sept. 18, the shares had risen to $10.25, an increase of more than 275% for the year. Tuesday's gains pushed the stock's year-to-date advance to well over 300%.

Iovance's second-quarter revenue rose about 66% from a year earlier, and the company reported a narrower loss. The stock climbed 26% over six trading days in mid-September alone.

The rally has lifted the company's market value to about $5 billion, placing it firmly in the mid-cap category.

The company also recently granted inducement stock options to 18 new employees at an exercise price of $10.02, a sign it is continuing to hire as it expands its commercial operations.

Broader market

Iovance's gain far outpaced the broader market. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite each posted modest gains in early trading Tuesday.

Biotech stocks focused on cell therapies have drawn renewed investor interest as real-world data supporting TIL treatments continues to grow and companies show progress in overcoming manufacturing and delivery challenges.

Risks remain

Despite the strong momentum, Iovance still faces risks. The company remains unprofitable, and its valuation now reflects high expectations for continued rapid growth.

The personalized nature of its therapy means production is complex and costly, and the company must keep expanding its treatment center network and manufacturing capacity to meet demand. Upcoming clinical data in lung cancer and other indications will also be closely watched, as disappointing results could weigh on the stock.

Investors will look for further updates when Iovance reports third-quarter results, expected in early November, along with the fourth-quarter lung cancer data that analysts have flagged as a key catalyst.

For now, the raised guidance has reinforced growing confidence that Amtagvi is gaining traction as a commercial product, helping transform Iovance from a struggling biotech into one of the market's standout performers this year.