Iovance Biotherapeutics Inc Receives a Rating Update from a Top Analyst

By Carrie Williams

B.Riley FBR analyst Madhu Kumar reiterated a Hold rating on Iovance Biotherapeutics Inc (NASDAQ: IOVA) today and set a price target of $22. The company’s shares closed yesterday at $19.15, close to its 52-week high of $19.60.

Kumar observed:

“Yesterday, after market close, 3/12/2018, Iovance Biotherapeutics (IOVA) announced FY17 earnings and provided a corporate update. While we remain optimistic on the long-term potential of tumor-infiltrating lymphocytes (TILs) to disrupt immune-oncology, we believe the lack of visibility on clinical catalysts and +139% IOVA share performance YTD (compared to +14% performance YTD for the XBI) limits near-term upside. Thus, after FY17 model updates, while we raise our IOVA price target from $18.50 to $22, we reiterate our Neutral rating.”

According to TipRanks.com, Kumar is a top 100 analyst with an average return of 57.8% and a 73.8% success rate. Kumar covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Arbutus Biopharma Corporation, and Deciphera Pharmaceuticals Inc.

Iovance Biotherapeutics Inc has an analyst consensus of Strong Buy, with a price target consensus of $23.40.

The company has a one-year high of $19.60 and a one-year low of $4.45. Currently, Iovance Biotherapeutics Inc has an average volume of 1.09M.

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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.