Oppenheimer Releases a Buy Rating on Iovance Biotherapeutics Inc

By Ryan Adsit

In a report released today, Mark Breidenbach from Oppenheimer assigned a Buy rating to Iovance Biotherapeutics Inc (NASDAQ: IOVA), with a price target of $13. The company’s shares closed yesterday at $7.45.

Breidenbach commented:

“Late-breaking abstract titles for this year’s Society for Immunotherapy of Cancer (SITC) conference were announced on Wednesday. The lineup includes a poster presentation from Iovance (#P515, scheduled for Friday, November 10), which will feature updated clinical results from the ongoing Phase 2 trial of Iovance’s lead product, LN-144, a personalized cell therapy being developed for patients with advanced melanoma. Specifically, we believe the new clinical results will focus on patients treated with TILs produced using Iovance’s second-generation manufacturing process. The late-breaking abstract joins a list of five additional company presentations expected at SITC, which should provide new details on TIL manufacturing and product characterization. SITC takes place from November 10-12 in National Harbor, MD.”

According to TipRanks.com, Breidenbach is a 3-star analyst with an average return of 5.2% and a 43.8% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Global Blood Therapeutics, RXi Pharmaceuticals Corp, and Mateon Therapeutics Inc.

Iovance Biotherapeutics Inc has an analyst consensus of Strong Buy, with a price target consensus of $15.

Based on Iovance Biotherapeutics Inc’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $0 and GAAP net loss of $23.38 million. In comparison, last year the company earned revenue of $0 and had a GAAP net loss of $18.76 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.