Iovance Biotherapeutics initiated with a Buy at Goldman Sachs

Goldman Sachs initiated coverage of Iovance Biotherapeutics with a Buy rating and $12 price target. The company is developing autologous tumor-infiltrating lymphocyte therapies for solid tumor cancers with lead asset lifileucel under regulatory review, the analyst tells investors in a research note. The firm says the upcoming approval of the first TIL therapy will transition Iovance to a commercial company and it is constructive on the near- and long-term launch potential given lifileucel’s “best-in-class” profile and early signs of key opinion leader enthusiasm.