B.Riley FBR analyst Madhu Kumar reiterated a Buy rating on Iovance Biotherapeutics Inc (NASDAQ: IOVA) today and set a price target of $24. The company’s shares opened today at $11.23.
Kumar wrote:
“Yesterday after market close, Biotherapeutics (IOVA) announced a corporate update on lead programs, tumor-infiltrating lymphocyte (TIL) therapies lifileucel and LN-145, in advanced melanoma (lifileucel) and head and neck and cervical cancer (LN-145). We view this corporate update as net positive for IOVA shares, with an incremental delay in our launch assumptions for lifileucel being countered by the validation of IOVA’s TIL platform across the three solid cancers with these clinical updates. After model updates, we thus reiterate our IOVA Buy rating and $24 price target.”
According to TipRanks.com, Kumar is a 5-star analyst with an average return of 17.6% and a 43.4% success rate. Kumar covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Arbutus Biopharma Corporation, and Clementia Pharmaceuticals 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.
