Iovance FDA delay has ‘some pretty big silver linings,’ says Mizuho

Mizuho analyst Mara Goldstein keeps a Buy rating on Iovance Biotherapeutics with a $30 price target after lifileucel’s FDA action date was pushed back three months to February 24, 2024. While a PDUFA delay isn’t necessarily good news, there are “some pretty big silver linings in this one,” the analyst tells investors in a research note. No new issues have been raised and an advisory committee meeting is not expected, says the firm. It still sees lifileucel as being approved, and believes Iovance’s statements regarding the delay point toward a positive outcome and provide a stronger rationale for approval. Mizuho reiterates a Buy rating on the shares with a $30 price target.