Iovance Biotherapeutics Price Forecast Slashed By 40% On Mutated Uptake For Its Newly Approved Skin Cancer Cell Therapy
Portfolio Pulse from Vandana Singh
Piper Sandler downgraded Iovance Biotherapeutics (NASDAQ: IOVA) due to slow uptake of its newly approved skin cancer cell therapy, Amtagvi. The price target was slashed by 40%, and revenue estimates for 2024 were significantly reduced.
July 29, 2024 | 5:55 pm
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NEGATIVE IMPACT
Piper Sandler downgraded Iovance Biotherapeutics due to slow uptake of its newly approved skin cancer cell therapy, Amtagvi. The price target was cut from $19 to $10, and revenue estimates for 2024 were significantly reduced.
The downgrade and significant reduction in revenue estimates indicate a negative short-term impact on Iovance Biotherapeutics' stock price. The slow uptake of Amtagvi and extended treatment timelines are major concerns.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100