Iovance downgraded to Market Perform from Outperform at Citizens JMP

Citizens JMP downgraded Iovance Biotherapeutics (IOVA) to Market Perform from Outperform without a price target following the Q1 report. The firm cites the company’s revised guidance, current cash burn, and uncertainties surrounding the Amtagvi launch for the downgrade. Citizens believes in the potential of Amtagvi in melanoma and says peak sales could ultimately reach over $1.5B. However, based on the commentary from management during the conference call, it now views the complexities surrounding the ramping of ATCs, coordinating best practices among surgeons, and the appropriate selection of earlier-stage patients to be a “bottleneck that could take 12-24 months to overcome.”