🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Iovance Biotherapeutics price targets raised following FDA accelerated approval

Published 02/20/2024, 01:59 PM
Updated 02/20/2024, 02:02 PM
© Reuters.  Iovance Biotherapeutics (IOVA) price targets raised following FDA accelerated approval

Shares of Iovance Biotherapeutics (NASDAQ:IOVA) surged more than 37% Tuesday after the company announced the FDA has granted accelerated approval to its T cell immunotherapy, Amtagvi (lifileucel) suspension, to treat advanced melanoma after anti-PD-1 and targeted therapy.

The announcement prompted several price target increases from Wall Street analysts.

H.C. Wainwright lifted its price target for the stock to $32 per share. The firm maintained its Buy rating on IOVA, stating they believe the approval of the TILs for melanoma is a "momentous occasion."

"It solidifies our original thesis of having a cellular therapy be approved in a solid tumor where CAR-Ts have continued to falter," said the firm.

Piper Sandler raised its price target for the stick to $18 from $14 per share. They said they remain Overweight on IOVA and believe the approval supports their upgrade last year, which was also contingent on FY24 looking achievable, something they believe still looks very much intact.

Finally, Baird raised its price target for Iovanace to $26 from $20 per share, maintaining an Outperform rating on the stock.

The firm said Amtagvi's price is $515,000, which is above their expectations. They believe Iovance should be "well positioned with 30 centers at launch to capture on the bolus of patients (not quantified), with revenues really starting to hit in 2Q24."

"Looking ahead, we see meaningful upside on launch execution and the long-term potential of Amtagvi," added the firm.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.