Iovanace Biotherapeutics (IOVA) PT Lowered to $18 at Jefferies

Jefferies analyst Michael Yee lowered the price target on Iovanace Biotherapeutics (NASDAQ: IOVA) to $18.00 (from $23.00) while maintaining a Buy rating.

The analyst comments "Overall, some push/pulls to the Q4 sales print for Amtagvi (TIL) + Proleukin (IL-2) in 2L metastatic melanoma. Total revenues of $74M were ahead of cons $72M, though Amtagvi sales of $49M were shy of cons $54M. We think buyside was towards the high-end of mgmt's $70-75M guidance range. In H1:25, we are hopeful the rate of Q/Q patient adds will accelerate as more sites ramp up, thereby adding visibility to mgmt's 2025 $450-475M guidance (reiterated)."

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