After Piper Jaffray and Cowen & Co. 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 $11.01.
Breidenbach commented:
“Tuesday, Iovance reported 1Q results and provided a business update. Iovance could have a strong presence at ASCO, with new clinical data expected for two Phase 2 programs in the company’s pipeline of tumor infiltrating lymphocyte (TIL) therapies. Specifically, we expect results from 60+ patients in the fully-enrolled the ongoing innovaTIL-01 trial of lifileucel in melanoma. Additionally, we expect a significant update from the innovaTIL-04 trial in cervical cancer, focusing on patients treated with Gen2 LN-145. With recruitment into lifileucel’s pivotal cohort initiated, management reaffirmed guidance that we could see a BLA filing in late 2020. With sufficient cash on hand to support operations through a potential BLA filing, we reiterate our Outperform rating and $25 PT.”
According to TipRanks.com, Breidenbach is a 2-star analyst with an average return of 0.5% and a 42.6% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Alpine Immune Sciences Inc, Global Blood Therapeutics, and Allogene Therapeutics Inc.
Iovance Biotherapeutics Inc has an analyst consensus of Strong Buy, with a price target consensus of $22.75, implying a 106.6% upside from current levels. In a report issued on April 29, Piper Jaffray also initiated coverage with a Buy rating on the stock with a $20 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 1.03M.
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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.
