Iovance Biotherapeutics: A Strong Buy on Robust Growth Potential and Early Launch Success

JMP Securities analyst Reni Benjamin reiterated a Buy rating on Iovance Biotherapeutics (IOVA – Research Report) today and set a price target of $25.00.

Reni Benjamin has given his Buy rating due to a combination of factors surrounding the promising early launch metrics and the potential market opportunities for Iovance Biotherapeutics. The significant enrollment of over 100 patients in the early stages of the launch of Amtagvi, along with the strategic expansion to 40 active ATCs, which are expected to reach over 70 by the end of 2024, plays a crucial role in his assessment. Furthermore, the company’s financials, including a solid cash position of $362.6 million and lower-than-expected R&D expenses, bolster the confidence in the stock’s upside potential.

Benjamin’s optimistic outlook is also supported by the broadening indications for Amtagvi beyond melanoma, with upcoming trial results and the expected initiation of a Phase 2 trial for endometrial cancer patients. The positive feedback from the FDA on Amtagvi’s potency-matrix and the resumption of enrollment in the IOV-LUN-202 trial for NSCLC further underscore the company’s strong position. Taking all these factors into account, Benjamin sees a robust opportunity for growth, with a potential upside of approximately 145% and a considerably lower downside risk.

In another report released on May 2, Barclays also maintained a Buy rating on the stock with a $22.00 price target.

Based on the recent corporate insider activity of 20 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of IOVA in relation to earlier this year.

TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.

Iovance Biotherapeutics (IOVA) Company Description:

Iovance Biotherapeutics, Inc. operates as a biotechnology company. The firm engages in 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. The company was founded by Robert T. Brooke on September 17, 2007 and is headquartered in San Carlos, CA.