On March 4, analyst Joseph Pantginis at HC Wainwright opined that shares of Iovance Biotherapeutics (NASDAQ: IOVA) would reach $32, an increase of 91% beyond its current price near $17.

There are a handful of reasons to believe that Pantginis' estimate will become true, and there's one brand-new development for the biotech that's going to be particularly impactful in the near term.

Regulators at the Food and Drug Administration (FDA) informed Iovance on March 4 that the company could proceed once more with its recently halted phase 2 clinical trial for treating non-small cell lung cancer with its candidate called LN-145. The move comes just weeks after the FDA granted approval for its candidate to treat advanced melanoma, which is now being commercialized under the trade name Amtagvi. Now, the company will be going into the rest of 2024 with the promise of ramping up its revenue from sales of a medicine for the first time, and its pipeline has a credible shot at delivering additional catalysts that were questionable during the clinical hold.

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Source Fool.com