After Robert W. Baird and H.C. Wainwright gave Iovance Biotherapeutics Inc (NASDAQ: IOVA) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Mark Breidenbach reiterated a Buy rating on Iovance Biotherapeutics Inc today and set a price target of $25. The company’s shares closed yesterday at $10.65.
Breidenbach said:
“Wednesday, Iovance reported 4Q results and reviewed recent progress. On the call, management announced the first patient has been enrolled into the registrational cohort (Cohort 4) of lifileucel’s ongoing trial in melanoma, and reaffirmed expectations that enrollment could complete in 9-12 months. Meanwhile, Iovance is focusing on launch readiness and is proceeding with plans to build out in-house manufacturing capabilities, with a site selection expected in 2Q. In 2019, we expect updated clinical data from Cohort 2 (>60 patients) and from the Phase 2 trial of LN-145 in cervical cancer. With sufficient cash to potentially see lifileucel through a BLA filing and a deeply discounted market capitalization relative to other late clinical-stage cancer cell therapy companies, we reiterate our Outperform rating and $25 PT.”
According to TipRanks.com, Breidenbach is a 1-star analyst with an average return of -0.2% 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.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Iovance Biotherapeutics Inc with a $26 average price target, 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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The company has a one-year high of $19.90 and a one-year low of $7.26. Currently, Iovance Biotherapeutics Inc has an average volume of 1.15M.
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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.
