JMP Securities analyst Reni Benjamin lowered the firm’s price target on Iovance Biotherapeutics to $23 from $25 and keeps an Outperform rating on the shares. With more than 100 patients enrolled early in the Amtagvi launch, 60 patients in screening, encouraging data in combination with pembro presented at ASCO, and a more than $1.5B peak sales opportunity in 2L+ melanoma alone, JMP believes the recent weakness in Iovance shares represent an attractive entry point, the analyst tells investors in a research note.
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