UBS analyst David Dai downgraded Iovance Biotherapeutics (IOVA) to Neutral from Buy with a price target of $2, down from $17. The company’s Q1 Amtagvi sales were below expectations and its fiscal 2025 guidance was reduced, indicating a slower Amtagvi ramp, the analyst tells investors in a research note. The firm believes the slower ramp is driven by implementation issues and activations of smaller authorized treatment centers, which may be hampered by insufficient hospital infrastructure. UBS cites lower Amtagvi sales estimates for the downgrade.
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