Chardan Capital Sticks to Its Buy Rating for Iovance Biotherapeutics Inc

By Austin Angelo

In a report released today, Gbola Amusa from Chardan Capital maintained a Buy rating on Iovance Biotherapeutics Inc (NASDAQ: IOVA), with a price target of $30. The company’s shares closed yesterday at $13.

Amusa said:

“We now affirm our conviction view, seeing renewed opportunities for vast share price upside after a recent stock pullback. (On page 2 of this research, we highlight the vast opportunity in refractory melanoma.) Iovance’s recent pullback in stock performance may be due to a misunderstanding from erroneous reports regarding rights to TILs, and therefore presents a buying opportunity ahead of data readouts. We note the pullback coincided with the recent publication in a case study from Steven Rosenberg’s group at the National Cancer Institute (NCI) demonstrating remarkable efficacy of autologous TIL therapy in a patient with chemorefractory breast cancer. However, it was erroneously reported in multiple news outlets that Gilead (unrated) subsidiary Kite had signed an agreement for rights to the technology.”

According to TipRanks.com, Amusa is a 5-star analyst with an average return of 26.6% and a 55.2% success rate. Amusa covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Nightstar Therapeutics Limited, and Applied Genetic Technologies.

Currently, the analyst consensus on Iovance Biotherapeutics Inc is a Strong Buy with an average price target of $22.75.

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The company has a one-year high of $19.90 and a one-year low of $4.45. Currently, Iovance Biotherapeutics Inc has an average volume of 887.9K.

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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.