Lion Biotechnologies Receives an Overweight from Piper Jaffray

By George MacDonald

Piper Jaffray analyst Joshua Schimmer reiterated an Overweight rating on Lion Biotechnologies (OTHEROTC: LBIO) yesterday and set a price target of $21. The company’s shares opened today at $12.11.

Schimmer said, “LBIO reported positive data from a TIL and Y ervoy (anti CTLA-4) combo study in melanoma this morning. The full dataset was presented at the Society of Surgical Oncology 2015 meeting in Houston last week. The study achieved an OR of 45.5% at 12 weeks, which is in line with the data (46%; n = 13) published by H.L. Moffitt for TIL monotherapy in 2012 (Pilon-Thomas 2012) but significantly higher than the OR (15.2%) for Y ervoy + dacarbazine (Maio, M. et al. 2015). More importantly , the success rate for receiving TIL treatment was ~92%, significantly higher than the prior 65% for TIL monontherapy as patients who underwent TIL harvest dropped out due to tumor progression, highlighting the combo approach may drive significantly broader application of TIL than what we initially expected. We reiterate our OW rating and PT of $21”

Currently, the analyst consensus on Lion Biotechnologies is Strong Buy and the average price target is $19, representing a 56.9% upside. In a report released yesterday, Roth Capital also maintained a Buy rating on the stock with a $17 price target.

The company has a one year high of $15.03 and a one year low of $4.97. Currently, Lion Biotechnologies has an average volume of 342.3k.

According to TipRanks.com, Schimmer is a 5-star analyst with an average return of 15.8% and a 65.9% success rate. Schimmer covers the Healthcare sector, focusing on stocks such as Bellicum Pharmaceuticals, Alexion Pharmaceuticals, and Infotek Pharmaceuticals.

Lion Biotechnologies Inc is a development stage company. Its a biotechnology company engaged in developing & commercializing adoptive cell therapy using autologous tumor infiltrating lymphocytes for the treatment of metastatic melanoma & other cancers.