What's Going On With Iovance Biotherapeutics Stock?

Iovance Biotherapeutics Inc IOVA shares are trading higher Tuesday after the U.S. Food and Drug Administration (FDA) accepted the company's Biologics License Application (BLA) for lifileucel.

What To Know: Lifileucel is a TIL therapy intended for patients with advanced melanoma who progressed after prior anti-PD-1/L1 therapy and targeted therapy.

The BLA submission is supported by positive data from the C-144-01 clinical trial. If lifileucel gets accelerated approval, the randomized Phase 3 TILVANCE-301 trial could serve as a confirmatory study to support full approval. There are currently no FDA approved therapies in this treatment setting.

Following the news, Stifel analyst Benjamin Burnett maintained Iovance with a Buy and raised the price target from $21 to $24.

Chardan Capital analyst Geulah Livshits also reiterated Iovance with a Buy and a $29 price target and HC Wainwright & Co. analyst Joseph Pantginis reiterated a Buy and a $38 price target.

Iovance is a biotechnology company focused on innovating, developing and delivering novel polyclonal tumor infiltrating lymphocyte (TIL) therapies for patients with cancer.

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IOVA Price Action: Iovance shares were up 22.3% at $9.23 at the time of writing, according to Benzinga Pro.

Photo: Konstantin Kolosov from Pixabay.