Oppenheimer Believes Iovance Biotherapeutics Inc (NASDAQ: IOVA) Won’t Stop Here

By Carrie Williams

Oppenheimer analyst Mark Breidenbach reiterated a Buy 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.

Breidenbach said:

“On Monday, Iovance reported a 4Q17 net loss of $25.9M (slightly higher than our $23.6M estimate) and provided an update on its recent progress. Of note, the first site for the Phase 2 IOV-LUN-201 trial in non-small cell lung cancer (NSCLC) has opened, marking the fourth company-sponsored trial of Iovance’s tumor infiltrating lymphocyte (TIL) therapies. In 2018, we expect to see a clinical update from its ongoing Phase 2 trial of LN-144 in melanoma and possibly updated results from ongoing trials of LN-145 in cervical cancer or squamous cell carcinoma of the head and neck (SCCHN). In January, Iovance strengthened its balance sheet with an equity financing that could extend its operational runway to mid-2020. Reiterate Outperform rating and increase PT to $22 from $19.”

According to TipRanks.com, Breidenbach is a 5-star analyst with an average return of 31.9% and a 53.8% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Global Blood Therapeutics, RXi Pharmaceuticals Corp, and Mateon Therapeutics Inc.

Currently, the analyst consensus on Iovance Biotherapeutics Inc is Strong Buy and the average price target is $24, representing a 25.3% upside.

In a report released today, Jefferies also maintained a Buy rating on the stock with a $31 price target.

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.