Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) is one of the best biotech penny stocks to buy right now. On July 15, Goldman Sachs downgraded Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) to Sell from Neutral, bringing the price target down to $1 from $8.
A medical staff in white coats monitoring the progress of cancer immunotherapy trials.
The firm told investors in a research note that the slower-than-expected launch of Iovance Biotherapeutics, Inc.’s lead drug Amtagvi in second-line melanoma is the primary reason behind the downgrade.
It added that a physician survey and key opinion leader discussions show underutilization of Amtagvi because of logistical and operational complexities and a limited eligible patient population.
Iovance Biotherapeutics, Inc. is a biopharmaceutical company that develops and commercializes cell therapies as novel cancer immunotherapy products. Its lead product candidate is LN-144, an autologous adoptive cell therapy for metastatic melanoma.
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This article is originally published at Insider Monkey.
