Iovance Biotherapeutics upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler analyst Joseph Catanzaro upgraded Iovance Biotherapeutics to Overweight from Neutral with a price target of $14, up from $11. The analyst believes the Biologics License Application filing will get done this quarter, lifileucel has a good likelihood of approval later this year and that the initial launch could surprise to the upside. Near-term expectations "leave clear room for upward revisions," the analyst tells investors in a research note. The firm believes Iovance is now in position to "finally realize" lifileucel’s opportunity in post-PD-1 melanoma over the next 12-18 months.