B.Riley FBR Keeps a Buy Rating on Iovance Biotherapeutics Inc (IOVA)


B.Riley FBR analyst Madhu Kumar reiterated a Buy rating on Iovance Biotherapeutics Inc (NASDAQ: IOVA) today and set a price target of $24. The company’s shares opened today at $16.

Kumar commented:

“Biotherapeutics (IOVA) disclosed a new Phase II study for tumor-infiltrating lymphocyte (TIL) therapies lifileucel (also known as in combination with PD-1 inhibitor Keytruda from Merck (MRK) in melanoma, head and neck squamous cell cancer (HNSCC), and non-small cell lung cancer (NSCLC), guided to start in October 2018. We view this trial as a net positive, as it could broaden the utility of TILs to earlier lines of therapy. We thus reiterate our IOVA Buy rating and $24 price target and remind investors that Iovance will be participating in the B. Riley FBR York City.”

According to TipRanks.com, Kumar is a 5-star analyst with an average return of 28.3% and a 54.9% success rate. Kumar covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Arbutus Biopharma Corporation, and Deciphera Pharmaceuticals Inc.

Currently, the analyst consensus on Iovance Biotherapeutics Inc is a Strong Buy with an average price target of $24.20.

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The company has a one-year high of $19.90 and a one-year low of $5.35. Currently, Iovance Biotherapeutics Inc has an average volume of 1.09M.

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Iovance Biotherapeutics, Inc. operates as a biotechnology company, which engagesin the development and commercialization of novel cancer immunotherapy products. Its lead product candidate, LN-144 for metastatic melanoma, is an autologous adoptive cell therapy utilizing tumor-infiltrating lymphocytes, or TIL, which are T cells derived from patients’ tumors.

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