Oppenheimer Keeps a Buy Rating on Iovance Biotherapeutics Inc

In a report released today, Mark Breidenbach from Oppenheimer maintained a Buy rating on Iovance Biotherapeutics Inc (NASDAQ: IOVA), with a price target of $22. The company’s shares closed yesterday at $14.85.

Breidenbach noted:

“Thursday, on its 1Q18 earnings call, management discussed plans to double the size of the ongoing Phase 2 trial of LN-144 tumor infiltrating lymphocyte (TIL) therapy in melanoma, increasing the overall trial size to ~85 patients. We believe the expanded cohort, which uses Iovance’s streamlined TIL manufacturing process, could lay the groundwork for an eventual BLA filing. Management plans to meet with the FDA in 3Q to ascertain requirements for registration. Iovance continues to open clinical sites in the US and EU to support clinical development of its TIL programs, and ~50 sites are now active worldwide. With a comfortable cash position of $297M, we believe Iovance has sufficient resources to support its development plans into 2020. $22 PT.”

According to TipRanks.com, Breidenbach is a 4-star analyst with an average return of 17.6% and a 46.2% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Global Blood Therapeutics, Sorrento Therapeutics, and Seres Therapeutics.

Iovance Biotherapeutics Inc has an analyst consensus of Strong Buy, with a price target consensus of $25.

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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 $20.68 million.

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Iovance Biotherapeutics, Inc. operates as a biotechnology company which focuses on the development and commercialization of novel cancer immunotherapy. It products designed to harness the power of a patient’s own immune system to eradicate cancer cells.