Shares of Iovance Biotherapeutics (NASDAQ: IOVA) were jumping 10.9% higher as of 11:49 a.m. ET on Monday. The nice gain came after Goldman Sachs initiated coverage on Iovance stock with a buy recommendation.

Investors no doubt liked Goldman Sachs' 12-month price target of $12 for Iovance. Analyst Andrea Tan thinks the biotech stock has an upside potential of more than 100%.

Goldman Sachs isn't the only Wall Street firm that thinks highly of Iovance. All seven of the analysts covering Iovance who were surveyed by LSEG in November rate the stock as either a buy or strong buy.

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Source Fool.com