Investors may want to keep an eye on Iovance Biotherapeutics (IOVA).
According to Goldman Sachs, the biopharma stock could double from its current price of $5.49 a share. In fact, the firm says it could rally to $12, pointing to the potential approval of the company’s treatment by February 2024.
“With accelerated approval, lifileucel would be the first cell therapy approved for solid tumors and IOVA is preparing for commercial launch,” they said, as quoted by CNBC. “The analyst added that lifileucel, a best-in-class therapy, has the potential to become the standard of care in treating melanoma.”
Plus, according to Frederick Vogt, Ph.D., J.D., Interim President and Chief Executive Officer of Iovance:
“The Priority Review of our BLA for lifileucel in advanced melanoma remains on track. We are prepared to rapidly serve the U.S. melanoma community immediately following an FDA approval, with additional regulatory submissions commencing in the first half of next year to expand into Europe and other geographies. We are also excited about our lung cancer development strategy, including positive momentum for our registrational IOV-LUN-202 trial in advanced non-small cell lung cancer patients.”
IOVA last traded at $5.49 on a volume spike to 21.68 million shares, as compared to its daily average volume of 6.54 million.