UBS Starts Iovanace Biotherapeutics (IOVA) at Buy

UBS analyst David Dai initiates coverage on Iovanace Biotherapeutics (NASDAQ: IOVA) with a Buy rating and a price target of $17.00.

The analyst comments: "We initiate IOVA with a Buy and $17 PT. We believe IOVA's commercial product, Amtagvi, could have a successful near-term launch in 2L+ melanoma, where we estimate above-consensus FY24 revenue of $121M (vs. $114M cons). We believe IOVA has the operational focus to drive near-term slot expansion, and we do not see manufacturing bottlenecks that could hinder near-term scale-up. On the demand side, we see high patient demand from authorized treatment centers far exceeding supply. We also believe Amtagvi's opportunities in 1L melanoma and 2L+ non-small-cell lung cancer (NSCLC) could show asymmetric upside potential, and further data catalysts in 2025 and 2026 could de-risk Amtagvi in these 2 indications to unlock additional value."

For an analyst ratings summary and ratings history on Iovanace Biotherapeutics click here. For more ratings news on Iovanace Biotherapeutics click here.

Shares of Iovanace Biotherapeutics closed at $9.82 yesterday.

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