Oppenheimer analyst Mark Breidenbach reiterated a Buy rating on Iovance Biotherapeutics Inc (NASDAQ: IOVA) yesterday and set a price target of $22. The company’s shares closed yesterday at $14.60.
Breidenbach said:
“Monday, Iovance reported 2Q results and reviewed recent corporate progress. In 3Q, Iovance plans to meet with the FDA to discuss registrational requirements for its lead tumor infiltrating lymphocyte (TIL) product for melanoma. Favorable guidance could encourage Iovance to file for accelerated approval based on results from its ongoing Phase 2 trial, potentially leading to a 2019 BLA filing. Iovance has opened 34 clinical sites in the US and Europe, and we expect a substantial clinical update at a major medical conference later this year. In an effort to expand market opportunity into additional indications, Iovance’s products are concurrently being tested in several company-sponsored and investigator-sponsored trials. With several upcoming catalysts and a comfortable cash runway, we reiterate our Outperform rating and $22 PT.”
According to TipRanks.com, Breidenbach is a 4-star analyst with an average return of 9.3% and a 42.9% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Alpine Immune Sciences Inc, Global Blood Therapeutics, and Sorrento Therapeutics.
Iovance Biotherapeutics Inc has an analyst consensus of Strong Buy, with a price target consensus of $24.20.
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Based on Iovance Biotherapeutics Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $26.52 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.
