Citizens analyst Reni J. Benjamin reiterated a Market Outperform rating and $5.00 price target on Iovanace Biotherapeutics (NASDAQ: IOVA).

The analyst commented, "We reiterate our Market Outperform rating and price target of $5 based on a revenue multiple and cash/share analysis. At ASCO, multiple real-world presentations broadened the commercial and clinical case for Amtagvi, with efficacy, safety/workflow, HRQoL, and long-term survival analyses all suggesting patients should be referred to an ATC earlier, before disease burden and clinical fitness worsen. In our opinion, the investment thesis should not be whether Amtagvi can generate meaningful benefit, but rather whether a growing physician/patient awareness, ATC experience, and more mature workflows can translate into broader earlier-line utilization. With registrational or near-registrational programs in NSCLC, sarcoma, and 1L melanoma all advancing, a next-gen IND filed for IOV-5001, multiple ISTs underway, and a strong cash position of $319.4MM, we view shares as undervalued at the current price."

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Shares of Iovanace Biotherapeutics closed at $4.10 yesterday.