IOVA - Iovance Biotherapeutics Stock Has 22% Upside According to 1 Wall Street Analyst
2024-03-06 04:42:00 ET
Iovance Biotherapeutics (NASDAQ: IOVA) stock fell on Feb. 29, the day after it reported its fourth-quarter earnings, but that didn't stop Goldman Sachs analyst Andrea Tan from issuing a sunny outlook, raising her price target for the stock from $19 to $21. Given that it trades for around $17 at recent prices, Tan's new estimate implies that it will rise by around 22% -- a potentially tidy return for those willing to dabble in buying a few of the biotech's shares.
One important driver will be Iovance's recently launched cell therapy Amtagvi, which treats metastatic melanoma. Regulators at the Food and Drug Administration (FDA) only granted it an approval as of Feb. 16. Now, the question is whether Iovance will be able to commercialize the somewhat complicated medicine profitably and at a large enough scale to follow through on the market's expectations.
On average, Wall Street analysts calculate that Amtagvi will bring in $154 million in sales this year and roughly $331 million next year. Reaching profitability will likely take a bit longer, as Iovance's overhead costs will be fairly high.
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Iovance Biotherapeutics Stock Has 22% Upside, According to 1 Wall Street Analyst