Iovance Biotherapeutics downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler downgraded Iovance Biotherapeutics to Neutral from Overweight with a price target of $10, down from $19. Despite a solid number of patients enrolled, initial metrics point to a slow launch, with just 10%-15% of enrolled patients having been infused with commercial Amtagvi in the full first quarter since approval, the analyst tells investors in a research note. The firm says the challenge seems to largely be stemming from prolonged wait times for manufacturing slots, extending time to infusion and potentially limiting patient eligibility. It thinks these data point to Amtagvi falling short of current Q2 and 2024 expectations.