By Sam Boughedda
Iovance Biotherapeutics (NASDAQ:IOVA) was raised to Overweight from Neutral by Piper Sandler analysts on Friday, who stated that it finally feels like the story is "maybe out of the woods."
In a research note to clients, the analysts also lifted the firm's price target on the stock to $14 from $11 per share.
The analysts said the firm has now come around to the view that "the BLA [Biologics License Application] filing will get done this quarter, lifileucel has a good likelihood of approval later this year and that the initial launch could surprise to the upside."
"The basis for our view on potency, filing and approvability largely stems from a holistic view of prior cell therapy approvals/potency discussions, the amount of time that has passed since the issue first surfaced and the strength of lifileucel's clinical data," explained the analysts.
"Secondly, as we've anecdotally spoken to potential lifileucel users, we think near-term expectations leave clear room for upward revisions."
The analysts concluded that the firm believes Iova is now in a position to finally "realize lifileucel's opportunity in post-PD-1 melanoma over the next 12-18 months."