Iovance Biotherapeutics, Inc. (IOVA) Targeting $1B on Amtagvi Sales amid Cost Cuts

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) is one of the best healthcare penny stocks to buy now. On September 9, at the H.C. Wainwright 27th Annual Global Investment Conference, the company reiterated its growth and cost-cutting initiatives.

Part of the plan involves the commercial expansion of Amtagvi (lifileucel) for advanced melanoma, as the company seeks to strengthen its revenue base. The company plans to expand the drug’s indication to cover non-small cell lung cancer and endometrial cancer, aiming for $1 billion in sales. The push has already received a boost following a positive Phase 3 study for melanoma showing a 65% response rate.

Iovance is also eyeing operational efficiency as it seeks to reduce costs. The company plans to reduce its operating costs by over $100 million in the next four quarters. It’s also eyeing higher manufacturing volume and operational efficiencies to drive margins.

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) develops individualized T-cell therapies to treat solid tumor cancers by harnessing the patient’s immune system. The company’s focus is on Tumor-Infiltrating Lymphocyte (TIL) therapy, a personalized cell therapy in which T-cells are extracted from a patient’s tumor, expanded, and reinfused to fight the cancer.

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Disclosure: None. This article is originally published at Insider Monkey.