Why Did IOVA, AMLX And COP Stocks Surge To 52-Week Highs Today?

Strong results, clinical progress, capital raises and bullish analyst calls boosted investor confidence.

• Iovance Biotherapeutics hit a 52-week high as UBS lifted its price target. 
• Amylyx Pharmaceuticals hit a three-year high after pricing a $500 million stock offering to fund potential commercialization. 
• Morgan Stanley raised ConocoPhillips’ price target to $151 with an ‘Overweight’ rating.

Iovance Biotherapeutics (IOVA), Amylyx Pharmaceuticals (AMLX) and ConocoPhillips (COP) stocks each reached fresh 52-week highs on Thursday as operating milestones and favorable analyst calls improved investor confidence. 

Iovance Biotherapeutics stock surged 12%, while Amylyx Pharmaceuticals and ConocoPhillips stocks gained over 2% and 3%, respectively. 

UBS Raises Iovance Price Target 

Iovance Biotherapeutics stock hit an annual high of $9.36 as strong second-quarter performance and bullish analyst updates fueled its recent rally. The company reported $99.3 million in fiscal second-quarter (Q2) product revenue, including $91 million in U.S. Amtagvi sales, up 52% from the previous quarter. Gross margin also improved to 56%, helped by better manufacturing efficiency and faster treatment turnaround times. 

Wall Street analysts added to the positive sentiment. On Thursday, UBS raised its price target to $7 while maintaining a ‘Neutral’ rating, citing better performance at treatment centers and improved manufacturing. Iovance expects to have 110 active authorized treatment centers by year-end, while investors are also watching for SARATOGA trial results expected in late October.

On Stocktwits, retail sentiment around the stock remained in ‘extremely bullish’ territory. 

$500M Offering Adds Firepower To Amylyx’s Growth Plans 

Amylyx Pharmaceuticals stock surged to a three-year high of $40.44 on continued momentum of strong Phase 3 results for its experimental drug avexitide and a major new capital raise. 

On Tuesday, the company said its LUCIDITY Phase 3 trial met its main goal in treating post-bariatric hypoglycemia (PBH). Avexitide reduced the combined rate of severe hypoglycemic events by 55% versus placebo and met secondary goals. Amylyx plans to submit the drug for FDA approval by the end of 2026. Riding the positive clinical news, Amylyx priced an upsized $500 million stock offering at $35.50 per share. The financing gives the company capital to prepare for a potential commercial launch while reducing its reliance on debt. 

Retail sentiment around the stock improved to ‘extremely bullish’ from ‘bullish’ territory the previous day. 

Morgan Stanley Sees More Upside For ConocoPhillips 

ConocoPhillips stock hit a three-year high of $135.87 as investors continued to respond to strong second-quarter results, higher production and positive analyst calls. Earlier this month, the oil and gas company reported adjusted earnings of $3.24 per share, beating Wall Street's $2.85 estimate. Production also reached 2.248 million barrels of oil equivalent per day, exceeding the top end of its guidance. 

Morgan Stanley raised its price target to $151 with an ‘Overweight’ rating, implying a 12% upside to the stock’s last close. Analyst Devin McDermott noted that, unlike pure-play refiners, integrated energy companies have not benefited as much from stronger refining margins, leaving room for their shares to catch up.

Retail sentiment around the stock remained in ‘bullish’ territory. 

So far this year, COP, AMLX and IOVA stocks have surged between 44% and 229%

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