After watching its stock fall for weeks on worries of disappointing results, Iovance Biotherapeutics (NASDAQ: IOVA) has vindicated itself. Shares of the young biopharma company are up 24.2% as of 11:20 a.m. ET today in response to an impressive second-quarter report. This bullish jolt could also mark the beginning of a more prolonged move higher.

In simplest terms, caregivers are embracing Iovance's new cancer drug Amtagvi (also known as lifileucel).

Amtagvi is the first therapy using tumor-infiltrating lymphocytes to be approved by the FDA as a means of fighting cancer. Although February's approval is only for certain melanoma patients who haven't had success with other types of treatment, the drug itself holds promise as a therapy for a range of cancers. It's currently being tested in over a dozen other trials.

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Source Fool.com