H.C. Wainwright analyst Joseph Pantginis reiterated a Buy rating on Iovance Biotherapeutics Inc (IOVA) today and set a price target of $32. The company’s shares closed yesterday at $25.17, close to its 52-week high of $26.59.
Pantginis noted:
“Valuation and impediments to achieving price target. We reiterate our Buy rating and price target of $32. Our target is based on our clinical net present value (NPV) model, which derives its primary value from LN-144 for metastatic melanoma (~64% contribution) and LN-145 for cervical cancer (~15% contribution), and LN-145 for head and neck cancer (~21% contribution).. This model allows us to flex multiple assumptions affecting a drug’s potential commercial profile.”
According to TipRanks.com, Pantginis has currently no stars on a ranking scale of 0-5 stars, with an average return of -10.2% and a 30.1% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as Applied Genetic Technologies, Checkpoint Therapeutics Inc, and Armata Pharmaceuticals Inc.
Iovance Biotherapeutics Inc has an analyst consensus of Strong Buy, with a price target consensus of $30.88, which is a 22.7% upside from current levels. In a report released yesterday, Cowen & Co. also maintained a Buy rating on the stock.
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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 $36.95 million. In comparison, last year the company had a GAAP net loss of $30.66 million.
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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.
