Zacks Research Analysts Lower Earnings Estimates for Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) – Analysts at Zacks Research cut their FY2024 earnings estimates for Iovance Biotherapeutics in a note issued to investors on Monday, April 15th. Zacks Research analyst S. Ganoria now expects that the biotechnology company will post earnings of ($1.57) per share for the year, down from their previous forecast of ($1.56). The consensus estimate for Iovance Biotherapeutics’ current full-year earnings is ($1.40) per share.

Iovance Biotherapeutics (NASDAQ:IOVA) last posted its quarterly earnings results on Wednesday, February 28th. The biotechnology company reported ($0.45) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.01). The business had revenue of $0.48 million for the quarter, compared to analyst estimates of $1.44 million. During the same period last year, the business posted ($0.64) EPS.

Several other research firms also recently commented on IOVA. Truist Financial restated a “buy” rating and issued a $17.00 price target on shares of Iovance Biotherapeutics in a research note on Wednesday, December 27th. JMP Securities boosted their target price on shares of Iovance Biotherapeutics from $18.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Tuesday, February 20th. Piper Sandler boosted their target price on shares of Iovance Biotherapeutics from $18.00 to $19.00 and gave the stock an “overweight” rating in a research note on Thursday, March 14th. The Goldman Sachs Group boosted their target price on shares of Iovance Biotherapeutics from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Thursday, February 29th. Finally, Wells Fargo & Company boosted their target price on shares of Iovance Biotherapeutics from $22.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, March 1st. One analyst has rated the stock with a sell rating and ten have given a buy rating to the company. According to data from MarketBeat, Iovance Biotherapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $24.64.

Iovance Biotherapeutics Stock Down 0.7 %

NASDAQ:IOVA opened at $11.72 on Wednesday. The company has a fifty day simple moving average of $13.83 and a two-hundred day simple moving average of $8.86. The company has a market cap of $3.27 billion, a price-to-earnings ratio of -6.23 and a beta of 0.62. Iovance Biotherapeutics has a 52 week low of $3.21 and a 52 week high of $18.33.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Lazard Asset Management LLC increased its stake in shares of Iovance Biotherapeutics by 38.5% during the first quarter. Lazard Asset Management LLC now owns 3,357 shares of the biotechnology company’s stock worth $55,000 after acquiring an additional 934 shares during the period. Baird Financial Group Inc. grew its position in Iovance Biotherapeutics by 3.7% during the first quarter. Baird Financial Group Inc. now owns 27,545 shares of the biotechnology company’s stock worth $459,000 after buying an additional 995 shares during the period. Rockefeller Capital Management L.P. grew its position in Iovance Biotherapeutics by 3.8% during the second quarter. Rockefeller Capital Management L.P. now owns 37,758 shares of the biotechnology company’s stock worth $266,000 after buying an additional 1,385 shares during the period. Diversified Trust Co grew its position in Iovance Biotherapeutics by 12.3% during the fourth quarter. Diversified Trust Co now owns 13,512 shares of the biotechnology company’s stock worth $110,000 after buying an additional 1,481 shares during the period. Finally, American Century Companies Inc. grew its position in Iovance Biotherapeutics by 0.5% during the first quarter. American Century Companies Inc. now owns 319,310 shares of the biotechnology company’s stock worth $1,951,000 after buying an additional 1,649 shares during the period. 77.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Iovance Biotherapeutics news, Director Merrill A. Mcpeak bought 250,000 shares of Iovance Biotherapeutics stock in a transaction dated Tuesday, February 20th. The stock was acquired at an average cost of $9.15 per share, with a total value of $2,287,500.00. Following the completion of the acquisition, the director now owns 320,150 shares of the company’s stock, valued at $2,929,372.50. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 10.40% of the company’s stock.

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.