H.C. Wainwright analyst Joseph Pantginis reiterated a Buy rating on Iovance Biotherapeutics Inc (NASDAQ: IOVA) today and set a price target of $22. The company’s shares closed yesterday at $16.95.
Pantginis observed:
“Valuation and impediments to achieving price target. We reiterate our Buy rating and $22 price target. Our target is based on our clinical net present value (NPV) model, which derives its primary value from LN-144 for metastatic melanoma currently. This model allows us to flex multiple assumptions affecting a drug’s potential commercial profile. Factors which could impede reaching our price target include failed or inconclusive clinical trials or inability of the company to secure adequate funding to progress its drugs through the development pathway.”
According to TipRanks.com, Pantginis is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -7.3% and a 38.3% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, Applied Genetic Technologies, and Checkpoint Therapeutics Inc.
Currently, the analyst consensus on Iovance Biotherapeutics Inc is a Strong Buy with an average price target of $24.20, a 42.8% upside from current levels. In a report issued on August 27, B.Riley FBR also reiterated a Buy rating on the stock with a $24 price target.
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Based on Iovance Biotherapeutics Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $30.66 million. In comparison, last year the company had a GAAP net loss of $23.38 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.
