Analysts Say ‘Buy the Pullback’ in These 3 Stocks
The world’s greatest real-time experiment in averaging large mass numbers is the stock market. The savvy investor knows that the best time to buy is when a stock is– it’s just the old game of ‘buy low and sell high,’ the age-old advice on making money. But with the S&P at near-record levels, it’s hard to tell when a stock is . The key is to take them as individuals.
The markets can go up while a few individual stocks are slipping to the bottom. And when abottom, as long its basics are sound, it becomes a buying opportunity. Street analysts make their reputations by finding these opportunities and bringing them to our attention. Using the TipRanks database, we found three stocks down from their recent peaks, while some analysts recommend ‘buy the pullback.’ Let’s take a closer look. Iovance Biotherapeutics (IOVA) We’ll start with Iovance.
Biotherapeutics, a mid-cap biotech firm in immune oncology, is developing tumor-infiltrating lymphocyte (TIL) therapies for. At base, the technology aims to use the patient’s to attack cancer. The company’s prime drug candidate, lifileucel, is on track for a Biologics License Application to the FDA, the in the ongoing approval process. The drug has shown promise in treating metastatic melanoma, and follow-up studies are underway in Phase 2 clinical studies. Additionally, lifileucel is under investigation for application against cervical cancer; the program is enrolling patients in the Phase 2 study, and enrollment of patients in Cohorts 1 and 2 have been completed.
This background and the stock’s 40% fallhave combined to catch the attention of 5-star analyst Joseph Pantginis from H.C. Wainwright. “We] believe the share pullback creates a compelling entry of the 2021 planned BLA filings for its TILs in melanoma and cervical cancer. Recall, importantly, that melanoma has RMAT status and cervical has Breakthrough Therapy designation…” The analyst added, “e encouraging data and trial modifications are indications of llifileucel’sclinical promise and strengthen the case for its commercialization ahead of anticipated BLA filings.
Pantginis backs these comments with aand a $50 price target, implying an upside of 57% in the coming 12 months. (To watch the PPantginis’track record, click here) The cutting-edge med the attention frcutting-edges’colleagues, as well. The stock has five recent reviews, and all are to Buy, making for a unanimous Strong Buy analyst consensus rating. IOVA has an average price target of $54.80, suggesting a 12-month upside of 72% from the of $31.88. (See IOVA stock analysis on TipRanks) Quidel Corporation (QDEL) The next “ullback”stock wwe’relooking at is Quidel, a $5.9 billion company in diagnostic healthcare.
Quidel, based in southern California, offersniches worldwide. Last year, the company scored a major win when it received antigen test. Earlier this month, Quidel test kit, available to patients with a medical prescription. In February, the its
Q4 results for 2020 show $809.2 generated $678.7 million in quarterly sales. EPS came in at $10.78, compared to the 71-cent earnings in the year-ago quarter. The corona pandemic has been a boon to the medical testing sector, and Quidel has seen much of that benefit. The company reported full-year gains similar to its Q4 results. For 2020, Quidel showed $1.66 billion in revenues, up 211% year-over-year, with COVID-19 revenues of $1.16 billion.revenue, a 69% quarter-over-quarter increase – and an even more impressive 431% year-over-year gain. The growth was driven by COVID-19-related products, which