Iovanace Biotherapeutics (IOVA) PT Lowered to $6 at Piper Sandler

Piper Sandler analyst Joseph Catanzaro lowered the price target on Iovanace Biotherapeutics (NASDAQ: IOVA) to $6.00 (from $7.50) while maintaining a Neutral rating.

The analyst commented: "IOVA reported 4Q24 earnings, with total revenues of $73.7M, ahead of PSC/consensus estimates of $70M/$72M. More importantly, IOVA reported $48.7M in Amtagvi revenues, below both PSC/consensus estimates of $52M/$54M. This represented just 95 infusions (vs. 82 in 3Q) and suggests a flat monthly infusion rate October-December. IOVA also did not provide quarter-to-date infusions (i.e. January 1st to February 27th), a metric that it had been providing in prior quarters. IOVA reiterated its FY25 total product revenue guidance of $450-475M, which, based on our math (see our assumptions here), would require 700-750 Amtagvi infusions in 2025 or ~60 infusions a month vs. the ~31-32 infusions a month it saw exiting 2024. Altogether, guidance here looks challenging in the absence of a significant launch acceleration. This leaves us comfortable with our below guidance FY25 estimate of $403M and we remain Neutral. PT to $6 as we take up our discount rate"

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