Wells Fargo analyst Jim Birchenough reiterates an Outperform rating on Iovance Biotherapeutics with a $23 price target following expansion of patient dosing with its bulk TIL product LN-144 in Europe for melanoma. Further, a publication by collaborators at the National Cancer Institute on a selected TIL product in advanced breast cancer highlights the opportunity for "next-generation" TIL therapeutics, Birchenough tells investors in a research note. The value of a "commercially scalable and competitive" three-week TIL product with clinical validation across refractory melanoma, head and neck cancer and cervical cancer has been under-appreciated in Iovance shares, the analyst contends. Further, Birchenough thinks confusion over implications of a "next-gen" selective TIL product with durable 22 month complete response in late line metastatic breast cancer provides an opportunity for investors.