Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) Receives $23.00 Consensus Price Target from Brokerages

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) has been assigned a consensus rating of “Moderate Buy” from the eight analysts that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $22.69.

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

Iovance Biotherapeutics Price Performance

IOVA stock opened at $5.85 on Monday. Iovance Biotherapeutics has a 1-year low of $5.57 and a 1-year high of $18.33. The business has a 50 day simple moving average of $7.41 and a two-hundred day simple moving average of $9.01. The company has a market capitalization of $1.78 billion, a price-to-earnings ratio of -3.93 and a beta of 0.57.

Iovance Biotherapeutics (NASDAQ:IOVA) last posted its earnings results on Thursday, November 7th. The biotechnology company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.03. The company had revenue of $58.56 million during the quarter, compared to analysts’ expectations of $53.54 million. Iovance Biotherapeutics had a negative net margin of 451.25% and a negative return on equity of 58.43%. During the same period last year, the company posted ($0.46) earnings per share. Sell-side analysts anticipate that Iovance Biotherapeutics will post -1.23 EPS for the current fiscal year.

Insider Activity

In related news, Director Ryan D. Maynard sold 50,000 shares of Iovance Biotherapeutics stock in a transaction dated Tuesday, November 12th. The shares were 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 of the company’s stock, valued at approximately $75,450. The trade was a 86.96 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 12.10% of the company’s stock.

Institutional Trading of Iovance Biotherapeutics

Several institutional investors have recently added to or reduced their stakes in IOVA. Perceptive Advisors LLC raised its holdings in shares of Iovance Biotherapeutics by 34.6% in the second quarter. Perceptive Advisors LLC now owns 25,933,142 shares of the biotechnology company’s stock worth $207,984,000 after buying an additional 6,660,151 shares during the period. State Street Corp grew its position in Iovance Biotherapeutics by 4.6% in the 3rd quarter. State Street Corp now owns 13,201,978 shares of the biotechnology company’s stock valued at $123,967,000 after acquiring an additional 576,801 shares during the last quarter. Principal Financial Group Inc. increased its stake in Iovance Biotherapeutics by 59.0% in the third quarter. Principal Financial Group Inc. now owns 4,033,184 shares of the biotechnology company’s stock worth $37,872,000 after purchasing an additional 1,496,941 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Iovance Biotherapeutics during the fourth quarter worth $12,927,000. Finally, Rice Hall James & Associates LLC boosted its stake in shares of Iovance Biotherapeutics by 2.6% during the third quarter. Rice Hall James & Associates LLC now owns 1,679,157 shares of the biotechnology company’s stock valued at $15,767,000 after purchasing an additional 43,132 shares during the period. Institutional investors own 77.03% of the company’s stock.

About Iovance Biotherapeutics

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.