1. Iovance Biotherapeutics Inc. (NASDAQ:IOVA)
Short Float: 27.48%
Market Cap: $1.77 Billion
Stock Upside Potential: 123.43%
Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) claims the No. 1 spot on this ranking of the heavily shorted mid-cap and small-cap stocks to buy today, and the reason is simple: it has the highest listed upside potential at 123.43%. That kind of upside naturally attracts attention, especially when paired with a 27.48% short float, a $1.77 billion market capitalization, and 33 hedge fund holders. This is exactly the type of stock that appears in searches for most shorted biotech stocks, small-cap biotech stocks to buy, cancer stocks with upside, short squeeze stocks, and high short interest stocks with analyst upside.
Iovance is not just another early-stage biotech hoping for good clinical news years from now. The company is a biopharmaceutical business pioneering tumor-infiltrating lymphocyte, or TIL, therapies to treat solid tumor cancers. Its approach uses a patient’s own immune system by extracting, expanding, and reinfusing naturally occurring immune cells so they can recognize and attack cancer cells. That science-driven story is one reason IOVA continues to draw attention from investors who follow oncology innovation, cell therapy stocks, and solid tumor cancer treatment companies.
On May 8, Chardan reiterated Iovance as a Buy but lowered its price target to $14 from $16. The price target cut was tied to Amtagvi’s launch guidance. Again, the headline may look cautious at first glance, but the more important detail is that Chardan still maintained a Buy rating. For a heavily shorted biotech stock, that distinction matters. A lower target can reflect near-term launch assumptions, but a continued Buy rating suggests the firm still sees meaningful long-term upside.
Iovance delivered solid first-quarter results driven by growth in Amtagvi, its tumor-infiltrating lymphocyte therapy. Revenue increased 45% year over year to $71 million, helped by accelerating Amtagvi adoption and a better cost structure. For a biotech company commercializing a specialized cancer therapy, that revenue growth is an important proof point. It shows that the company is not simply telling investors a theoretical story. It is already generating sales from a therapy that could become more meaningful if adoption continues improving.
The company’s second-quarter guidance also added fuel to the bull case. Iovance expects revenue between $86 million and $88 million, above the Street estimate of $84.36 million. Amtagvi revenue alone is expected to reach between $79 million and $81 million. That guidance matters because commercial-stage biotech stocks are often judged quarter by quarter. Investors want to see whether product adoption is accelerating, whether treatment centers are using the therapy, whether costs are improving, and whether management can provide reliable visibility.
For the full year, Iovance is projecting revenue of $350 million to $370 million, compared with analyst expectations of $359.7 million. That range shows confidence in the commercialization of Amtagvi amid strong demand. It also gives investors something measurable to track, which separates IOVA from many biotech penny stocks and small-cap healthcare stocks that still rely almost entirely on pipeline promises.
The risk, of course, is still high. IOVA is heavily shorted for a reason. Cell therapy commercialization is complex, expensive, and operationally demanding. Manufacturing, patient identification, physician adoption, treatment center capacity, reimbursement, and competition can all affect the speed of growth. If Amtagvi’s launch does not meet expectations, short sellers may continue pressing the bearish case.
But the upside story is hard to ignore. Iovance has a commercial product, revenue growth, full-year guidance, strong demand commentary, and the largest upside potential in this ranking. For investors looking for most shorted stocks to buy now, biotech stocks with revenue growth, oncology stocks, cell therapy stocks, and small-cap stocks with explosive upside potential, IOVA stands out as the most compelling name on the list.
That is why Iovance Biotherapeutics takes the No. 1 position. It is risky, volatile, and far from guaranteed. But among the most shorted mid-cap and small-cap stocks in this group, IOVA has the clearest combination of short interest, commercial progress, revenue momentum, and upside potential.
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Disclosure: No material interests to disclose. This article was originally published on Global Market Bulletin.
