Iovance Biotherapeutics shares hit new high following analyst upgrade

Iovance Biotherapeutics shares reached a new 52-week high following a stock upgrade from Goldman Sachs. Analyst Andrea Newkirk resumed coverage with a buy rating and a $15 price target, citing the company’s second-quarter performance as a primary driver for optimism.

Key to this growth is Amtagvi, Iovance’s sole commercialized drug for melanoma. The treatment generated $91 million in sales and was administered to 150 patients. Analysts suggest the drug is entering a significant up cycle as operational and availability roadblocks are addressed.

Other financial institutions have also adjusted their outlooks on the company. Barclays raised its price objective from $13 to $15 with an overweight rating, while UBS Group increased its target from $4 to $7. Institutional interest remains notable, with BlackRock Inc. establishing a new position valued at approximately $153.7 million during the second quarter.