Analyst Joseph Pantginis from H.C. Wainwright reiterated a Buy rating on Iovance Biotherapeutics and keeping the price target at $20.00.
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Joseph Pantginis has given his Buy rating due to a combination of factors including the recent market authorization of Iovance Biotherapeutics’ therapy, AMTAGVI, in Canada. This approval marks a significant milestone as it is the first T cell therapy for a solid tumor approved in Canada, specifically for advanced melanoma. The approval is based on promising safety and efficacy data from the C-144-01 trial, and although it is conditional, it sets a positive precedent for future international approvals.
Furthermore, the Canadian approval is expected to provide a new revenue stream for Iovance, potentially marking an inflection point for the stock, which has been under pressure recently. The company is also pursuing additional approvals in other international markets such as the U.K., Australia, and Switzerland, which could further enhance its commercial opportunities. Pantginis views these developments as a reaffirmation of Iovance’s regulatory strategy, which could de-risk future approvals and contribute to the company’s growth trajectory.
In another report released on August 8, Barclays also maintained a Buy rating on the stock with a $4.00 price target.