H.C. Wainwright Keeps Buy Rating on Iovance (IOVA) After Health Canada Authorization News

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) is one of the Top 10 Stocks Under $10 That Could Triple. On August 19, H.C. Wainwright reaffirmed its Buy rating for Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) with a price target of $20.

This decision came after Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) reported that Health Canada has issued a Notice of Compliance with Conditions (NOC/c) for Amtagvi (lifileucel), a tumor-derived autologous T cell immunotherapy.

Amtagvi has been granted market authorization for the treatment of adult patients in Canada with unresectable or metastatic melanoma that has progressed after prior therapies. This authorization, which was based on safety and efficacy results from the C-144-01 trial, is conditional, awaiting results of trials to confirm the clinical benefits of Amtagvi.

In Canada, Iovance Biotherapeutics, Inc.’s (NASDAQ:IOVA) Amtagvi is the first T cell therapy approved for a solid tumor indication and the first treatment option approved for advanced melanoma after anti-PD-1 and targeted therapy.

H.C. Wainwright believes this authorization could prove to be an inflection point for Iovance Biotherapeutics, Inc.’s (NASDAQ:IOVA) stock, which has been under pressure recently. The Canadian authorization not only provides a new revenue stream but also paves the way for possible future approvals in other markets.

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) is a commercial biotechnology company focused on developing tumor-infiltrating lymphocyte (TIL) therapies for patients with cancer.

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Disclosure: None. This article is originally published at Insider Monkey.