Shares of Iovance Biotherapeutics (NASDAQ: IOVA) were up more than 16% as of noon ET on Monday. The biotech stock is down more than 42% so far this year, but is up more than 30% over Thursday's closing price.

There are a couple of reasons for the stock's continued climb. On Thursday, the company reported that the Food and Drug Administration (FDA) was moving back its Prescription Drug User Fee Act (PDUFA) action date for lifileucel for patients with advanced melanoma from Nov. 25 to Feb. 24, 2024. While that's a negative, the positive to be taken from that is the FDA left the door open for working with Iovance for a potentially earlier approval.

And the reason the date was pushed back, according to Iovance, was the FDA's "insufficient resources" and not anything tied to safety or efficacy concerns regarding lifileucel.

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Source Fool.com