Iovance Biotherapeutics Inc (NASDAQ:IOVA) shares are trading higher Tuesday after the U.S. Food and Drug Administration (FDA) accepted the company’s Biologics License Application (BLA) for lifileucel.
What To Know: Lifileucel is a TIL therapy intended for patients with advanced melanoma who progressed after prior anti-PD-1/L1 therapy and targeted therapy.
The BLA submission is supported by positive data from the C-144-01 clinical trial. If lifileucel gets accelerated approval, the randomized Phase 3 TILVANCE-301 trial could serve as a confirmatory study to support full approval. There are currently no FDA approved therapies in this treatment setting.
Following the news, Stifel analyst Benjamin Burnett maintained Iovance with a Buy and raised the price target from $21 to $24.
Chardan Capital analyst Geulah Livshits also reiterated Iovance with a Buy and a $29 price target and HC Wainwright & Co. analyst Joseph Pantginis reiterated a Buy and a $38 price target.
Iovance is a biotechnology company focused on innovating, developing and delivering novel polyclonal tumor infiltrating lymphocyte (TIL) therapies for patients with cancer.
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IOVA Price Action: Iovance shares were up 22.3% at $9.23 at the time of writing, according to Benzinga Pro.
Photo: Konstantin Kolosov from Pixabay.
