On a brutal day for biotech stocks, Iovance Biotherapeutics (NASDAQ: IOVA) is defying the broader trend across the space. Specifically, the adoptive cell therapy company's shares were up by 7.75% on heavy volume as of 11:49 a.m. ET Wednesday.

Meanwhile, the iShares Biotechnology ETF was down by 1.6%, and the SPDR S&P Biotech ETF was in the red by 2.63% at the same point in today's trading session. These two ETFs are widely considered bellwethers for the biopharmaceutical industry.

Tuesday, Iovance announced its 2023 third-quarter earnings. While its financial results are largely immaterial at this point in its lifecycle, the company did note that it is making progress toward the possible commercial debut of lifileucel, a polyclonal tumor-infiltrating lymphocyte (TIL) therapy indicated for patients with advanced melanoma.

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Source Fool.com