Goldman Sachs Reiterates Buy Rating on Iovanace Biotherapeutics (IOVA)

Goldman Sachs analyst Andrea Tan reiterated a Buy rating and $8.00 price target on Iovanace Biotherapeutics (NASDAQ: IOVA)

The analyst comments "At the ongoing ASCO meeting, IOVA presented meaningful 5-year survival data demonstrating an overall survival rate of 19.7% in advanced melanoma patients treated with Amtagvi, a deepening of response over time (where 4 patients had a PR 1 year after treatment that improved to a CR as late as 3 years post treatment), and maintenance of response (ongoing responses seen at year 3 were sustained through year 5). In conjunction with this data set, the company also hosted an investor event (5/31) featuring three oncology KOLs (with experience treating and referring patients for Amtagvi), who expressed excitement for the OS data and shared real-world insights and key learnings from the first year of launch. Notably, there is a need for early patient identification and selection (to ensure ample time for preparation), expanding Amtagvi awareness and driving increased referrals (via relationship-building with melanoma experts at community centers), and optimizing the treatment workflow (through collaboration with cell therapy teams and improving communication across various surgical teams). Overall, we see the long-term follow-up data as further reinforcing Amtagvi's value proposition, and while we acknowledge the steep learning curve for surgeons/ATCs introduced initial headwinds, constructive commentary from KOLs suggest improvements in operations over time."

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 $1.76 yesterday.

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