Goldman Sachs upgraded Iovance Biotherapeutics to a strong-buy rating on Friday. The bank said Amtagvi, Iovance’s only commercialized drug, appears to be entering a significant up-cycle as operational roadblocks are removed. Goldman highlighted improving efficiencies in the drug’s launch as a potential catalyst for higher gross margins and growth.
Iovance recently reported better-than-expected quarterly results, including a 65.7% year-over-year increase in revenue. Separately, Bank of America Corp DE disclosed a new position in Iovance, purchasing 4,993,584 shares. Iovance shares opened near their 52-week high following news of the upgrade.