Brokerages Set Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) PT at $23.00

Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) have been assigned an average recommendation of “Moderate Buy” from the eight brokerages that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $22.69.

A number of equities research analysts have recently issued reports on IOVA shares. UBS Group started coverage on shares of Iovance Biotherapeutics in a research report on Thursday, October 24th. They set a “buy” rating and a $17.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and set a $32.00 price objective on shares of Iovance Biotherapeutics in a report on Wednesday, November 6th. Finally, Piper Sandler dropped their price target on Iovance Biotherapeutics from $10.00 to $7.50 and set a “neutral” rating for the company in a research report on Friday.

Iovance Biotherapeutics Price Performance

Iovance Biotherapeutics stock opened at $5.85 on Monday. The stock’s 50 day moving average price is $7.41 and its 200 day moving average price is $9.01. Iovance Biotherapeutics has a 1-year low of $5.57 and a 1-year high of $18.33. The company has a market cap of $1.78 billion, a PE ratio of -3.93 and a beta of 0.57.

Iovance Biotherapeutics (NASDAQ:IOVA) last posted its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.28) earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $58.56 million for the quarter, compared to analysts’ expectations of $53.54 million. During the same period in the prior year, the company posted ($0.46) EPS. On average, equities research analysts anticipate that Iovance Biotherapeutics will post -1.23 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Ryan D. Maynard sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $10.06, for a total value of $503,000.00. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.10% of the stock is owned by company insiders.

Institutional Trading of Iovance Biotherapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Rhumbline Advisers boosted its position in Iovance Biotherapeutics by 9.0% in the 4th quarter. Rhumbline Advisers now owns 385,770 shares of the biotechnology company’s stock valued at $2,855,000 after buying an additional 31,699 shares during the last quarter. Bank Pictet & Cie Europe AG grew its stake in Iovance Biotherapeutics by 10.1% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 21,318 shares of the biotechnology company’s stock valued at $158,000 after purchasing an additional 1,950 shares in the last quarter. Banque Pictet & Cie SA raised its position in shares of Iovance Biotherapeutics by 17.0% in the 4th quarter. Banque Pictet & Cie SA now owns 376,591 shares of the biotechnology company’s stock valued at $2,787,000 after purchasing an additional 54,832 shares in the last quarter. Choreo LLC boosted its stake in shares of Iovance Biotherapeutics by 39.5% during the 4th quarter. Choreo LLC now owns 30,445 shares of the biotechnology company’s stock valued at $218,000 after buying an additional 8,625 shares during the last quarter. Finally, Jennison Associates LLC acquired a new stake in shares of Iovance Biotherapeutics during the fourth quarter worth approximately $493,000. 77.03% of the stock is currently owned by institutional investors and hedge funds.

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.