On Thursday, Iovance Biotherapeutics (NASDAQ:IOVA)' stock price target was raised to $19.00 from $18.00 by Piper Sandler, while the firm retained an Overweight rating on the shares. The adjustment comes after a review of data points from 8 of the 30 current Authorized Treatment Centers (ATCs) and discussions with physicians to assess the expected utilization of Amtagvi.
The data collected suggests that if the ATCs' expectations for steady state patient volumes are met, the fiscal year 2024 (FY24) revenue estimates for Amtagvi could be seen as conservative. Although all ATCs have identified eligible patients, none have yet committed a patient to Amtagvi treatment due to early logistical challenges.
Despite this, the early feedback from ATCs is seen as a positive indicator, leading to an incremental increase in revenue projections. Piper Sandler now estimates Amtagvi's FY24 revenues to reach $200 million, up from the previous forecast of $172 million.
The revised stock price target of $19 reflects the updated revenue estimates, and Piper Sandler's Overweight rating indicates a continued positive outlook on Iovance Biotherapeutics' shares. The firm's stance is based on the anticipation that Amtagvi utilization will grow as ATCs overcome initial logistical hurdles.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.