Oppenheimer Remains a Buy on Iovance Biotherapeutics Inc (IOVA)

By Austin Angelo

In a report released today, Mark Breidenbach from Oppenheimer maintained a Buy rating on Iovance Biotherapeutics Inc (IOVAResearch Report), with a price target of $25. The company’s shares closed yesterday at $9.38.

Breidenbach noted:

“Wednesday, we sat down with management to review recent progress and 2019 objectives. Our discussion mainly focused on the registrational 2 trial of lifileucel, the company’s lead tumor infiltrating lymphocyte (TIL) therapy for melanoma, which should begin recruiting in early 2019. Management expects to enroll approximately 75 patients, and ~6 months of follow-up could support a BLA submission in 2H20. In mid-2019, Iovance plans to present updated results from Cohort 2, including ORR and response durability. We also expect an update from the Phase 2 trial of LN-145 in cervical cancer, where TIL therapy has shown encouraging early efficacy. With IOVA’s ample $469M cash position to potentially sustain operations through lifileucel approval, we reiterate our Outperform and $25 PT.”

According to TipRanks.com, Breidenbach has 0 stars on 0-5 star ranking scale with an average return of -4.3% and a 31.1% 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 $24.75 average price target, representing a 163.9% upside. In a report issued on December 31, B.Riley FBR also initiated coverage with a Buy rating on the stock with a $24 price target.

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The company has a one-year high of $19.90 and a one-year low of $7.26. Currently, Iovance Biotherapeutics Inc has an average volume of 1.66M.

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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.