UPDATE: Piper Jaffray Initiates Coverage on Lion Biotechnologies Inc. with Overweight Rating, $21 PT Based on DCF Analysis

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In a report published Monday, Piper Jaffray analyst Joshua E. Schimmer initiated coverage on

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Lion Biotechnologies Inc.

(NASDAQ: LBIO) with an Overweight rating and $21.00 price target.In the report, Piper Jaffray noted, "We are initiating coverage on LBIO with an OW rating and $21 PT based on our DCF analysis. The company has a license from the NIH to develop TILs (tumor infiltrating lymphocytes) to treat melanoma as well as other solid tumors likely to be responsive to this approach. Unlike some emerging cellular therapy platforms, TILs have a unique advantage in being able to target a repertoire of individualized tumor antigens. With highly promising results already reported in melanoma, we believe LBIO's platform will play a very important role in the evolving cancer immunotherapy space."Lion Biotechnologies Inc. closed on Friday at $9.00.