Iovance Biotherapeutics price target lowered to $5 from $10 at TD Cowen

TD Cowen lowered the firm’s price target on Iovance Biotherapeutics (IOVA) to $5 from $10 and keeps a Buy rating on the shares. The firm says management should not have given the overly optimistic year 2 guidance at the beginning of the launch. Still, this quarter-over-quarter performance is disappointing on nearly all fronts, with dynamics not highlighted earlier this year. The slashing of guidance was not nice to see but necessary, TD Cowen says, adding that it is holding on hope that this team can get back on track.