Shares of Iovance Biotherapeutics (NASDAQ: IOVA) have seen a remarkable 175% surge in the last three months, prompting Wells Fargo analyst Yanan Zhu to predict a potential 47% increase. On Feb. 20, the analyst raised the stock’s price target from $17 to $22. This optimistic outlook was echoed by Goldman Sachs analyst Andrea Tan and several others, all of whom also raised their price targets significantly.
The recent approval from the Food and Drug Administration (FDA) for Iovance’s lead candidate, a cell therapy for advanced melanoma called Amtagvi, is the primary reason behind the flurry of price target increases.
Positive Outlook for Iovance
With the company set to commercialize its first medicine and generate sales for the first time, analysts estimate that it could bring in approximately $152 million in revenue by 2024. Expanding its market share is expected to further boost its stock value.
2024-02-23 06:14:00
Post from finance.yahoo.com