Brokerages Set Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) Target Price at $22.33

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) has earned an average recommendation of “Moderate Buy” from the nine brokerages that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $22.33.

IOVA has been the subject of several recent research reports. UBS Group initiated coverage on shares of Iovance Biotherapeutics in a research report on Thursday, October 24th. They issued a “buy” rating and a $17.00 price target for the company. Piper Sandler downgraded Iovance Biotherapeutics from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $19.00 to $10.00 in a research report on Monday, July 29th. HC Wainwright reiterated a “buy” rating and issued a $32.00 price target on shares of Iovance Biotherapeutics in a research report on Wednesday, November 6th. Finally, StockNews.com upgraded Iovance Biotherapeutics to a “sell” rating in a research note on Monday, August 12th.

Iovance Biotherapeutics Trading Down 4.8 %

NASDAQ:IOVA opened at $8.18 on Wednesday. The firm has a market capitalization of $2.49 billion, a PE ratio of -5.49 and a beta of 0.60. Iovance Biotherapeutics has a 1 year low of $4.33 and a 1 year high of $18.33. The firm’s fifty day simple moving average is $10.04 and its 200 day simple moving average is $9.74.

Iovance Biotherapeutics (NASDAQ:IOVA) last posted its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.03. Iovance Biotherapeutics had a negative net margin of 451.25% and a negative return on equity of 58.43%. The company had revenue of $58.56 million for the quarter, compared to analyst estimates of $53.54 million. During the same period last year, the business posted ($0.46) EPS. As a group, analysts anticipate that Iovance Biotherapeutics will post -1.25 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Ryan D. Maynard sold 50,000 shares of Iovance Biotherapeutics stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $10.06, for a total transaction of $503,000.00. Following the completion of the transaction, the director now directly owns 7,500 shares in the company, valued at approximately $75,450. The trade was a 86.96 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 12.10% of the company’s stock.

Hedge Funds Weigh In On Iovance Biotherapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sei Investments Co. boosted its holdings in shares of Iovance Biotherapeutics by 33.9% during the 1st quarter. Sei Investments Co. now owns 333,148 shares of the biotechnology company’s stock worth $4,937,000 after buying an additional 84,382 shares during the period. Oppenheimer & Co. Inc. acquired a new stake in Iovance Biotherapeutics during the first quarter worth approximately $246,000. Vanguard Group Inc. boosted its holdings in shares of Iovance Biotherapeutics by 9.2% during the first quarter. Vanguard Group Inc. now owns 24,915,300 shares of the biotechnology company’s stock worth $369,245,000 after acquiring an additional 2,102,480 shares during the period. Marshall Wace LLP acquired a new position in shares of Iovance Biotherapeutics in the second quarter valued at approximately $12,929,000. Finally, Magnetar Financial LLC bought a new position in shares of Iovance Biotherapeutics during the second quarter worth approximately $661,000. 77.03% of the stock is owned by institutional investors.

Iovance Biotherapeutics Company Profile

Iovance Biotherapeutics, Inc, a commercial-stage biotechnology company, develops and commercializes cell therapies using autologous tumor infiltrating lymphocyte for the treatment of metastatic melanoma and other solid tumor cancers in the United States. The company offers Amtagvi, a tumor-derived autologous T cell immunotherapy used to treat adult patients with unresectable or metastatic melanoma; and Proleukin, an interleukin-2 product for the treatment of patients with metastatic renal cell carcinoma.