Analyst Tyler Van Buren of TD Cowen maintained a Buy rating on Iovance Biotherapeutics (IOVA – Research Report), reducing the price target to $5.00.
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Tyler Van Buren has given his Buy rating due to a combination of factors that suggest potential recovery and growth for Iovance Biotherapeutics. Despite the disappointing quarterly performance and the necessary reduction in revenue guidance, the company has shown signs of improvement in its production capabilities. The resumption of production at the iCTC facility and the anticipated increase in patient infusions in the upcoming quarter indicate a potential rebound in revenue.
Furthermore, the management’s efforts to address the slower ramp in ATCs by leveraging learnings from faster-ramping centers could lead to improved performance in the future. The company’s expectation that a significant portion of ATCs could treat more patients by year-end supports a positive outlook. These factors, combined with the potential for substantial year-over-year revenue growth, underpin Van Buren’s optimistic view on the stock.