Iovance Biotherapeutics' (IOVA) pace of growth remains uncertain as Amtagvi, its cell therapy for advanced melanoma, faces competitive pressure and slow onboarding at authorized treatment centers, UBS Securities said Wednesday in a report.

Amtagvi revenue of $91 million in Q2 topped the $80 million estimate by UBS. Management is expected to lift its 2026 total-revenue guidance of $350 million to $370 million before Q3 results, though emerging melanoma therapies could add to competitive pressure on Amtagvi as the market evolves, the report said.

UBS forecasts Q3 Amtagvi revenue of $96 million and 2026 total revenue of $405 million. It expects additional treatment-center activations to support growth and said onboarding times remain lengthy, often six months or more, due to logistical and treatment-process requirements.

UBS raised its price target on Iovance stock to $7 from $4 and maintained its neutral rating.

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