H.C. Wainwright Upgrades Iovanace Biotherapeutics (IOVA) to Buy
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H.C. Wainwright analyst Joseph Pantginis upgraded Iovanace Biotherapeutics (NASDAQ: IOVA) from Neutral to Buy with a price target of $50.00.
The analyst comments"Shares in Iovance have fallen dramatically with the rest of the sector (-38.5% since recent high on Feb. 8 vs. XBI -20.2% for same period). We previously downgraded the shares to Neutral primarily on valuation in December 2020, and believe the pullback in the shares create a compelling entry point again for investors ahead of the 2021 planned BLA filings for its TILs in both melanoma and cervical cancer. Recall, importantly, that melanoma has RMAT status and cervical has Breakthrough Therapy designation. As stated recently, the company ended 2020 financially strong with $635 million in cash, and one of the key initiatives beyond BLA filings is the completion of the Navy Yard GMP facility (iCTC) and initiation of clinical manufacturing there. We also expect to receive incremental clinical data during the year. Lastly, the company expects to begin a pivotal study in a third indication, NSCLC (IOV-LUN-202) in the relative near term."
Shares of Iovanace Biotherapeutics closed at $32.36 yesterday.
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