In a report released today, Mark Breidenbach from Oppenheimer reiterated a Buy rating on Iovance Biotherapeutics Inc (NASDAQ: IOVA), with a price target of $22. The company’s shares closed yesterday at $16.95.
Breidenbach said:
“Wednesday, preliminary clinical data from a Moffitt-sponsored trial of tumor infiltrating lymphocyte (TIL) therapy in lung cancer was published in an abstract slated for presentation at the WCLC meeting in Toronto on September 24. The trial is testing TIL + nivolumab combination therapy in patients who fail a run-in period on nivolumab alone, using TIL generated from nivolumab-naïve tumors. Per the abstract, two of six efficacy-evaluable patients achieved partial responses of limited duration (max ~120 days). While these data suggest TIL therapy is active in NSCLC, the limited durability of response suggests an optimal strategy for generating and deploying TIL in NSCLC has yet to be worked out, and our thesis remains focused on melanoma and HPV- associated cancers. Reiterate Outperform rating, $22 PT.”
According to TipRanks.com, Breidenbach is a 4-star analyst with an average return of 16.0% and a 52.6% 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 $24.20 average price target, a 42.8% upside from current levels. In a report issued on August 27, B.Riley FBR also reiterated a Buy rating on the stock with a $24 price target.
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Based on Iovance Biotherapeutics Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $30.66 million. In comparison, last year the company had a GAAP net loss of $23.38 million.
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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.
