This Biotech Stock Has 47% Upside, According to 1 Wall Street Analyst
With shares of Iovance Biotherapeutics (NASDAQ: IOVA) soaring by 175% in the last three months, Wells Fargo analyst Yanan Zhu thinks they could still go as much as 47% higher. In fact, on Feb. 20, the analyst raised his price target for the stock from $17 to $22. Yanan wasn't alone in making a bullish call, either; Goldman Sachs analyst Andrea Tan also hiked her price target significantly, as did several others.
The reason for the spate of price target hikes is doubtlessly the company's recent victory delivered by the Food and Drug Administration (FDA). On Feb. 16, regulators granted an accelerated approval for Iovance's lead candidate, a cell therapy for advanced melanoma called Amtagvi.
Now, the biotech will commercialize its first medicine, generating sales for the first time. Per the consensus estimate by analysts, in 2024 it's expected to bring in roughly $152 million in revenue. Gaining market share will doubtlessly help to propel its share price upward.
Source Fool.com
