Chardan Capital Reaffirms Their Buy Rating on Iovance Biotherapeutics Inc (IOVA)


In a report released today, Gbola Amusa from Chardan Capital reiterated a Buy rating on Iovance Biotherapeutics Inc (IOVA), with a price target of $20. The company’s shares closed yesterday at $10.65.

Amusa observed:

“We expect more visibility as Iovance plans to engage with the FDA in 2019 to define a regulatory path for LN-145 in 2nd-line cervical cancer, for which it recently received Fast Track Designation. We expect Iovance will be able to advance this program relatively quickly based on learnings from lifileucel. We expect to hear more on manufacturing and preclinical programs in 2019, as the company’s focus expands beyond the current phase II trials. Iovance is in the late stages of site selection for a manufacturing facility and expects to provide updates in 2Q19. To us, establishing an internal manufacturing facility will be a key step in commercial execution. Iovance is also planning to file an IND for peripheral blood lymphocytes (PBL) in hematological malignancies in 2019. We understand this program uses a distinct and shorter manufacturing process.”

According to TipRanks.com, Amusa is a 5-star analyst with an average return of 15.9% and a 47.4% success rate. Amusa covers the Healthcare sector, focusing on stocks such as Applied Genetic Technologies, Catalyst Biosciences Inc, and Voyager Therapeutics Inc.

Iovance Biotherapeutics Inc has an analyst consensus of Strong Buy, with a price target consensus of $26, which is a 144.1% upside from current levels. In a report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $26 price target.

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Based on Iovance Biotherapeutics Inc’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $33.83 million. In comparison, last year the company had a GAAP net loss of $25.85 million.

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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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