Iovance Biotherapeutics price target raised to $19 from $18 at Piper Sandler

Piper Sandler raised the firm’s price target on Iovance Biotherapeutics to $19 from $18 and keeps an Overweight rating on the shares. Over the last couple of weeks, the firm collected data points from 8 of the 30 current ATCs and spoke with physicians at 5 of them to gauge expectations around Amtagvi utilization. In sum, if their expectations around steady state patient volumes are realized, then 2024 estimates continue to look conservative. However, while all of these ATCs have identified eligible patients, none have officially committed a patient to Amtagvi as they work through early logistics, Piper says. Nevertheless, the firm thinks these early checks support taking up its numbers incrementally. Piper now estimates FY24 Amtagvi revenues to $200M from $172M.