Iovance clinical hold does not impact other trials, says JMP Securities

JMP Securities analyst Reni Benjamin reiterates an Outperform rating on Iovance Biotherapeutics with an $18 price target after the FDA placed a clinical hold on the IOV-LUN-202 trial after the demise of a patient, due to a Grade 5 serious adverse event which occurred after the full treatment. Importantly, the clinical hold does not impact other Iovance clinical trials and appears to be independent from the priority review for lifileucel in advanced melanoma, which according to company management remains on track for the FDA action date of February 24, 2024, the analyst tells investors in a research note. The firm believes Iovance “continues to represent a unique investment opportunity,” and it would be buyers especially given the recent weakness in shares.