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On Wednesday, Stifel analysts maintained their Buy rating on Iovance Biotherapeutics (NASDAQ:IOVA), currently trading at $5.24, with a steady price target of $21.00. According to InvestingPro data, analyst targets range from $7.50 to $34.00, with a strong consensus recommendation of 1.57 (where 1 is Strong Buy). The optimism from Stifel is partly due to recent interviews with nine physicians at Amtagvi ATCs, who have previously been surveyed. These physicians provided insights that suggest a quarter-over-quarter growth rate of approximately 31% for Amtagvi infusions, aligning with the anticipated 26-38% growth needed to meet the company’s fourth-quarter 2024 guidance. This growth projection assumes that Proleukin sales will remain constant. InvestingPro analysis shows the company is expected to achieve substantial revenue growth of 135% in FY2024, though it maintains more cash than debt on its balance sheet.
Additionally, the analysts noted a modest decline in the out-of-spec rate for Amtagvi, currently around 20%. While most of the surveyed physicians do not foresee significant competition from RP1/nivo, two did express concerns about potential market rivalry. The discussions with these healthcare professionals indicate that while there is some debate regarding the peak sales and the probability of achieving the 2025 guidance, upcoming financial results and insights into the second quarter of 2025 will be crucial for assessing Iovance’s growth trajectory.
The report also touched on the REPL product, acknowledging the difficulty in predicting its performance due to the lack of durable responses in most patients. However, Stifel analysts believe that the opportunity for Amtagvi will largely remain unaffected despite these uncertainties.
Stifel’s reiteration of the Buy rating and price target suggests confidence in Iovance Biotherapeutics’ ability to meet its future financial goals and to sustain its market position against potential competitors. The firm looks forward to the company’s first-quarter 2025 earnings report, which they believe will provide valuable insight into the company’s prospects for the rest of the year.
In other recent news, Iovance Biotherapeutics has been making significant strides. The company recently appointed Dan Kirby (NYSE:KEX) as its new Chief Commercial Officer, who brings a strong background in cell therapy commercialization. Analysts from Truist Securities and Stifel have maintained their Buy ratings on Iovance, with price targets of $25 and $21 respectively. Goldman Sachs also reiterated a Buy rating, following a meeting with Iovance’s management, with a steadfast price target of $22.
These developments come as Iovance continues to pioneer TIL therapies, with Amtagvi being the first FDA-approved T cell therapy for a solid tumor indication. The company’s revenue forecast for 2024 is projected to be $160-$165 million, with the fourth quarter expected to be particularly strong. The company’s fiscal year 2025 revenue guidance is projected to be between $450 million and $475 million, according to Truist Securities.
Furthermore, Stifel analysts believe that despite potential complexities in forecasting sales for Proleukin, Iovance’s guidance is achievable. Goldman Sachs’ analysis suggests that the upcoming milestones, along with the current trajectory of Amtagvi sales, could significantly influence Iovance’s market position. These are some of the recent developments for Iovance Biotherapeutics.
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