On March 4, analyst Joseph Pantginis at HC Wainwright opined that shares of Iovance Biotherapeutics (IOVA 0.87%) would reach $32, an increase of 91% beyond its current price near $17.
There are a handful of reasons to believe that Pantginis' estimate will become true, and there's one brand-new development for the biotech that's going to be particularly impactful in the near term.
This key program is now advancing once again
Regulators at the Food and Drug Administration (FDA) informed Iovance on March 4 that the company could proceed once more with its recently halted phase 2 clinical trial for treating non-small cell lung cancer with its candidate called LN-145. The move comes just weeks after the FDA granted approval for its candidate to treat advanced melanoma, which is now being commercialized under the trade name Amtagvi. Now, the company will be going into the rest of 2024 with the promise of ramping up its revenue from sales of a medicine for the first time, and its pipeline has a credible shot at delivering additional catalysts that were questionable during the clinical hold.
Analysts on Wall Street think that Iovance will bring in an average of $167 million in sales this year, with $357 million penciled in for 2025. Next year, LN-145 could report key clinical data, and advance into late-stage trials, sending the biotech stock's shares aloft. In a nutshell, this business is entering a period of rapid growth, and it's worth starting a small position to get some upside from its progress, assuming you can stand the higher-than-average risks involved with companies in its industry.
