Iovance Biotherapeutics price target lowered to $7.50 from $10 at Piper Sandler

Piper Sandler analyst Joseph Catanzaro lowered the firm’s price target on Iovance Biotherapeutics (IOVA) to $7.50 from $10 and keeps a Neutral rating on the shares. Ahead of FY24 earnings, the firm reconnected with 6 ATCs to discuss expectations for Amtagvi in 2025. All ATCs characterized their current infusion volumes as at steady state, and most brought up emerging competitive dynamics in post-PD-1 melanoma. Taken together, this feedback suggests that the doubling of monthly infusions is required to achieve 2025 guidance/consensus could prove challenging, Piper says. As such, the firm takes down its FY25 total revenue estimate to $403M from $450M, below both current consensus and company guidance.