Oppenheimer analyst Mark Breidenbach maintained a Buy rating on Iovance Biotherapeutics Inc (IOVA) yesterday and set a price target of $25. The company’s shares closed yesterday at $11.80.
Breidenbach wrote:
“Tuesday, we attended Iovance meetings with institutional clients in Denver. Discussions focused on registrational pathways, market opportunities, and manufacturing for Iovance’s tumor infiltrating lymphocyte (TIL) therapies. Iovance recently dosed the first patient in its registrational trial of lifileucel in melanoma and expects pivotal data in 2H20. Management is taking a path-of-least-resistance approach to gain approvals in relapsed/refractory disease where TIL still outperforms SOC, but believes maximum efficacy can be unlocked in checkpoint-naïve patients and is eyeing label expansion opportunities into earlier settings and/or indications where checkpoint antibodies are not deployed as front-line therapy. Separately, presentations at AACR underscored the need for multivalent cell therapies in solid tumors.”
According to TipRanks.com, Breidenbach is a 1-star analyst with an average return of -2.0% and a 41.4% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Alpine Immune Sciences Inc, Global Blood Therapeutics, and Sorrento Therapeutics.
Currently, the analyst consensus on Iovance Biotherapeutics Inc is a Strong Buy with an average price target of $25, representing an 111.9% upside. In a report released yesterday, H.C. Wainwright also reiterated a Buy rating on the stock with a $26 price target.
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The company has a one-year high of $18.25 and a one-year low of $7.26. Currently, Iovance Biotherapeutics Inc has an average volume of 959.6K.
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Iovance Biotherapeutics, Inc. operates as a biotechnology company, which engages in 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.
