H.C. Wainwright analyst Joseph Pantginis reiterated a Buy rating on Iovance Biotherapeutics Inc (NASDAQ: IOVA) today and set a price target of $26. The company’s shares opened today at $11.23.
“Valuation and impediments to achieving price target. We reiterate our Buy rating and are increasing our price target to $26 from $22. The drivers to our valuation change include the following: (1) adjustment to base year; (2) adjustment to fully diluted share count off of today’s equity raise (negative impact); (3) adjusting our projected launch year for melanoma from 2020 to 2021; (4) including ex-U.S. projections for melanoma, maintaining same 75% chance of success as our U.S projections, and projecting a 2021 launch year and $750 million in peak sales (our U.S.”
According to TipRanks.com, Pantginis is ranked 0 out of 5 stars with an average return of -11.3% and a 32.2% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, Applied Genetic Technologies, and Checkpoint Therapeutics Inc.
Iovance Biotherapeutics Inc has an analyst consensus of Strong Buy, with a price target consensus of $25.25, which is a 124.8% upside from current levels. In a report issued on October 2, Chardan Capital also reiterated a Buy rating on the stock with a $30 price target.
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The company has a one-year high of $19.90 and a one-year low of $6.60. Currently, Iovance Biotherapeutics Inc has an average volume of 1.17M.
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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.