Iovance Biotherapeutics (NASDAQ: IOVA) stock spiked on Wednesday after receiving multiple price target upgrades post-FDA accelerated approval.
Iovance Biotherapeutics (IOVA) has just received accelerated approval from the FDA for its revolutionary T cell immunotherapy, Amtagvi (lifileucel) suspension, designed to combat advanced melanoma following anti-PD-1 and targeted therapy.
The announcement drove multiple Wall Street analysts to raise their price targets.
H.C. Wainwright has raised its price target for IOVA to $32 per share, affirming its Buy rating. The firm hails this approval as a “momentous occasion.”
The firm said,
“It solidifies our original thesis of having a cellular therapy be approved in a solid tumor where CAR-Ts have continued to falter.”
Piper Sandler is also bullish on IOVA, raising its price target to $18 from $14 per share and reiterating an Overweight rating. The approval added weight to their upgrade last year, and they remain optimistic about IOVA’s performance in FY24.
Baird joined the chorus by raising its price target for Iovance to $26 per share, up from $20, while maintaining an Outperform rating. The firm notes the higher-than-expected price of Amtagvi at $515,000. Still, it remains optimistic about Iovance’s market position, with 30 launch centers ready at launch to cater to a significant influx of patients. They foresee substantial revenue growth starting in the second quarter of 2024.
The firm added,
“Looking ahead, we see meaningful upside on launch execution and the long-term potential of Amtagvi.”
Iovance Biotherapeutics (NASDAQ: IOVA) Stock Reaction
IOVA stock surged 31.09% to close at $15.77 on Wednesday. The traders had exchanged hands with 63,861,147 (63.86 million) shares compared to the average daily trading volume of 8.35 million.
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