On September 15, Iovance Biotherapeutics, Inc. rose 8.02% in regular trading, trading at $9.275/share, with turnover of approximately $58.17 million.

The rally was driven by continued positive sentiment following the company's second-quarter earnings, which significantly exceeded expectations. Revenue came in at approximately $99.3 million, well above the consensus estimate of $87.8 million, marking a record quarterly high. The adjusted EPS loss of $0.11 also beat the $0.14 loss expected by analysts. Core product Amtagvi delivered approximately $91 million in single-quarter revenue, surpassing UBS's $80 million estimate.

Following the results, UBS raised its price target on the stock to $7 from $4 while maintaining a Neutral rating. UBS forecasts Q3 Amtagvi revenue of $96 million and full-year total revenue of $405 million, and expects management to lift its full-year revenue guidance to above $350 million to $370 million ahead of Q3 results. However, UBS noted that competitive pressure from emerging melanoma therapies and lengthy treatment-center onboarding times of six months or more could weigh on the growth outlook.

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