Preliminary clinical data from a Moffitt-sponsored trial of tumor infiltrating lymphocyte therapy in lung cancer was published yesterday in an abstract, Oppenheimer analyst Mark Breidenbach tells investors in a research note. Per the abstract, two of six efficacy-evaluable patients achieved partial responses of limited duration, Breidenbach points out. While these data suggest tumor infiltrating lymphocyte therapy is active in non-small-cell lung carcinoma, the limited durability of response suggests an optimal strategy for generating and deploying TIL in NSCLC has yet to be worked out, contends the analyst. His thesis on Iovance Biotherapeutics remains focused on melanoma and HPV-associated cancers. Breidenbach reiterates an Outperform rating on Iovance with a $22 price target. The stock in early trading is down 10.5%, or $1.78, to $15.18.

Bullish option flow detected in Iovance Biotherapeutics with 5,276 calls trading, 2x expected, and implied vol increasing over 9 points to 137.02%. May-24 12.5 calls and 5/3 weekly 14 calls are the most active options, with total volume in those strikes near 3,200 contracts. The Put/Call Ratio is 0.01. Earnings are expected on May 7th.