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On Tuesday, Citizens JMP analysts reiterated a Market Perform rating on Iovance Biotherapeutics stock (NASDAQ: NASDAQ:IOVA), which has declined nearly 80% over the past year. According to InvestingPro data, eight analysts have recently revised their earnings estimates downward for the upcoming period. The decision follows the presentation of long-term data from the company’s C-144-01 Phase 2 trial at the American Society of Clinical Oncology (ASCO) meeting.
The trial evaluated Amtagvi (lifileucel) as a treatment for advanced melanoma. At a median follow-up of 57.8 months, the study reported a 19.7% survival rate. Four patients who initially experienced a partial response showed deepening responses, converting to complete responses after more than 18 months of follow-up.
Iovance held an analyst event on Saturday night featuring key opinion leaders (KOLs) from two authorized treatment centers and a large community referral center. The feedback from the event was generally positive.
Despite the promising trial results and feedback, Citizens JMP analysts are cautious due to Iovance’s recent lowered revenue guidance. They are waiting for a clearer picture of improved Amtagvi utilization across all authorized treatment centers before making any changes to their rating.
The analysts concluded that Iovance shares are fairly valued at current levels, maintaining their Market Perform rating based on a discounted revenue multiple analysis.
In other recent news, Iovance Biotherapeutics has reported notable developments regarding its advanced melanoma treatment, Amtagvi. The company shared five-year results from its Phase 2 clinical trial, C-144-01, demonstrating a 31.4% objective response rate and a median overall survival of 13.9 months. The U.S. Food and Drug Administration granted accelerated approval to Amtagvi in February 2024, marking it as a significant advancement for patients with advanced melanoma. However, Iovance’s first-quarter 2025 earnings fell short of expectations, with revenue reported at $49.3 million, missing the analyst consensus estimate of $83.27 million. Following these results, Iovance adjusted its fiscal year 2025 revenue guidance to a range of $250 million to $300 million. Analysts from UBS and Truist Securities downgraded Iovance’s stock, citing challenges in market adaptation and implementation issues affecting sales. UBS reduced its price target to $2.00, while Truist Securities shifted its rating from Buy to Hold. Despite these challenges, Iovance anticipates regulatory approvals for Amtagvi in the UK, EU, and Canada, aiming to expand its market presence.
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