Why Iovance Biotherapeutics Stock Was on Fire Today
Key Points
Happily for investors, it flagged the biotech's shares as a buy.
Goldman believes they have nearly 40% upside.
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A new, bullish analyst take on Iovance Biotherapeutics (NASDAQ: IOVA) put the company's shares in the win column on Thursday. That analysis was published by an always-influential investment bank, and it improved sentiment on Iovance sufficiently to send the shares to an almost 6% gain.
It's golden with Goldman
That morning Goldman Sachs, in the person of pundit Andrea Newkirk, resumed coverage of Iovance, a biotech that concentrates on developing cancer therapies. She rated Iovance's equity a buy at a price target of $15 per share.
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According to reports, Newkirk cited the company's second-quarter performance as a key reason for her optimistic analysis. Iovance's sole commercialized drug, Amtagvi, generated $91 million in sales and treated 150 patients. In her view, the medicine is now at the start of a potentially significant up cycle, as operational roadblocks like availability are starting to be removed.
The analyst also cited a proprietary survey indicating that interest and demand for Amtagvi as a second-line treatment for melanoma -- for which it received Food and Drug Administration (FDA) approval -- was strong, portending well for its success.
Significant potential
Iovance received that green light for Amtagvi in early 2024, so the road to commercialization has been long and at times difficult. I find Newkirk's view that the drug has reached something of an inflection point to be realistic and believable; to me, it is gathering real momentum these days. I think the analyst and the investors who bought into Iovance on Thursday are on to something.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Goldman Sachs Group and Iovance Biotherapeutics. The Motley Fool has a disclosure policy.
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