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Fly News Breaks for February 26, 2020
Feb 26, 2020 | 06:39 EDT
Wells Fargo analyst Jim Birchenough raised the firm's price target on Iovance Biotherapeutics to $38 from $32 and reiterates an Overweight rating on the shares. The new price target is based on a sum-of-the-parts reflecting increased likelihood of success for the company's tumor infiltrating lymphocytes pipeline for melanoma and cervical cancer, Birchenough tells investors in a research note. The analyst sees "multiple opportunities for sustainable value creation" following Iovance's Q4 results. Birchenough says that with earlier payer engagement, broader site experience and improving reimbursement landscape for early CAR-T launches, he sees potential for more rapid adoption, in larger solid tumor indications and with greater commercial opportunity.
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