Iovance Biotherapeutics downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs analyst Madhu Kumar downgraded Iovance Biotherapeutics to Neutral from Buy with a price target of $6, down from $20. The analyst is citing concerns around the clinical, regulatory, financing, competitive, and commercial path for the company’s lead asset, tumor-infiltrating lymphocyte drug lifileucel in metastatic melanoma, MM. While lifileucel has shown "promising efficacy" in post-PD-1 MM, he sees the potential for "multiple headwinds" for the drug’s commercialization, Kumar tells investors in a research note. The analyst adds that he also sees potential for lifileucel in post-PD-1/chemo cervical cancer and LN-145 in post-PD-1 non-small cell lung cancer, but there is a lack of a "defined catalyst path" for these programs.