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Iovance Biotherapeutics price targets raised following FDA accelerated approval

Published 02/20/2024, 01:59 PM
Updated 02/20/2024, 02:02 PM
© Reuters.  Iovance Biotherapeutics (IOVA) price targets raised following FDA accelerated approval
IOVA
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Shares of Iovance Biotherapeutics (NASDAQ:IOVA) surged more than 37% Tuesday after the company announced the FDA has granted accelerated approval to its T cell immunotherapy, Amtagvi (lifileucel) suspension, to treat advanced melanoma after anti-PD-1 and targeted therapy.

The announcement prompted several price target increases from Wall Street analysts.

H.C. Wainwright lifted its price target for the stock to $32 per share. The firm maintained its Buy rating on IOVA, stating they believe the approval of the TILs for melanoma is a "momentous occasion."

"It solidifies our original thesis of having a cellular therapy be approved in a solid tumor where CAR-Ts have continued to falter," said the firm.

Piper Sandler raised its price target for the stick to $18 from $14 per share. They said they remain Overweight on IOVA and believe the approval supports their upgrade last year, which was also contingent on FY24 looking achievable, something they believe still looks very much intact.

Finally, Baird raised its price target for Iovanace to $26 from $20 per share, maintaining an Outperform rating on the stock.

The firm said Amtagvi's price is $515,000, which is above their expectations. They believe Iovance should be "well positioned with 30 centers at launch to capture on the bolus of patients (not quantified), with revenues really starting to hit in 2Q24."

"Looking ahead, we see meaningful upside on launch execution and the long-term potential of Amtagvi," added the firm.

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