Shares of Iovance Biotherapeutics (NASDAQ: IOVA) have collapsed by about 47% from the peak they reached shortly after the company's first drug earned approval this February. Unfortunately, one of the Wall Street analysts who cheered for the young drugmaker following the accelerated approval of that drug is losing confidence.

On July 29, Piper Sandler analyst Joseph Catanzaro downgraded his firm's rating on Iovance to neutral from overweight. He also slashed his price target on the stock to $10 from $19.

Right now, plenty of investors who bought this stock following the approval of Amtagvi are looking at Catanzaro's change of heart and wondering if they should cut their losses or hang on to their beaten-down shares.

Continue reading

Source Fool.com