Shares of clinical-stage oncology company LAVA Therapeutics (NASDAQ:LVTX) are soaring high today after its worldwide licensing deal with Seagen (NASDAQ:SGEN) for LAVA-1223.
LAVA-1223 is being developed to, “Target and activate Gamma Delta T-cells in the presence of EGFR-expressing solid tumors.”
Under the agreement, LAVA gets an upfront payment of $50 million, royalties in the single to mid-teens, and can also earn $650 million in milestone payments.
Further, Seagen can also exclusively negotiate for rights to utilize LAVA’s platform on up to two more tumor targets.
Is LVTX Stock a Good Buy?
Overall, the Street has a Moderate Buy consensus rating on the stock alongside an average price target of $12, indicating a 151.05% potential upside. That’s after a nearly 21.5% slide in its share price so far in 2022.
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