Iovance Biotherapeutics Inc Gets a Buy Rating from Oppenheimer

By Austin Angelo

In a report released yesterday, 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 $13.85.

Breidenbach said:

“Wednesday, we sat down with Iovance management at Oppenheimer’s Boston Oncology Summit. In 3Q, Iovance expects to announce feedback from the FDA regarding the regulatory path for LN-144 in melanoma, which could serve as a major catalyst for IOVA shares. In a best-case scenario, the agency could follow a precedent set by CAR-T products and consider accelerated approval of LN-144 based on response rate and six-month follow-up from the single-arm Phase 2 trial (C-144-01), which is currently enrolling. In this case, Iovance could be in a position to file a BLA before the end of 2019, well ahead of our expectations. Additionally, management intends to provide clinical updates from ongoing trials of in 4Q. Reiterate Outperform rating and $22 PT.”

According to TipRanks.com, Breidenbach is a 4-star analyst with an average return of 13.6% and a 43.2% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Alpine Immune Sciences Inc, Global Blood Therapeutics, and Sorrento Therapeutics.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Iovance Biotherapeutics Inc with a $24.20 average price target, a 74.7% upside from current levels. In a report issued on July 6, Chardan Capital also maintained a Buy rating on the stock with a $30 price target.

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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 878.8K.

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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.