Iovanace Biotherapeutics (IOVA) PT Raised to $34 at Baird

Baird analyst Colleen Kusy raised the price target on Iovanace Biotherapeutics (NASDAQ: IOVA) to $34.00 (from $30.00) while maintaining an Outperform rating, saying the removal of potency assay overhang more than outweighs minor delay.

The analyst commented, "There seems to be some pushback on further filing delays (minor, in our view), and while there is still some trust-us factor for the "positive feedback", management appears confident it has reached alignment with the FDA on the potency assay. We view agreement as a meaningful positive that increases the likelihood of approval in melanoma. As such, we are raising our price target to $34, with Cohort 4 data and BLA acceptance being the next key catalysts"

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