Iovance Biotherapeutics, Inc. (NASDAQ:IOVA – Get Free Report) gapped down prior to trading on Thursday after JMP Securities lowered their price target on the stock from $25.00 to $23.00. The stock had previously closed at $8.00, but opened at $7.82. JMP Securities currently has a market outperform rating on the stock. Iovance Biotherapeutics shares last traded at $7.97, with a volume of 385,532 shares changing hands.
Several other brokerages have also commented on IOVA. Barclays upped their price target on shares of Iovance Biotherapeutics from $18.00 to $22.00 and gave the stock an “overweight” rating in a research report on Thursday, February 29th. Piper Sandler increased their price objective on shares of Iovance Biotherapeutics from $18.00 to $19.00 and gave the company an “overweight” rating in a research note on Thursday, March 14th. The Goldman Sachs Group increased their price objective on shares of Iovance Biotherapeutics from $19.00 to $21.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Wells Fargo & Company increased their target price on shares of Iovance Biotherapeutics from $22.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, March 1st. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Iovance Biotherapeutics in a report on Friday, May 31st. One analyst has rated the stock with a sell rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Iovance Biotherapeutics has an average rating of “Moderate Buy” and a consensus price target of $24.45.
Institutional Trading of Iovance Biotherapeutics
Institutional investors have recently made changes to their positions in the stock. Bayesian Capital Management LP raised its position in Iovance Biotherapeutics by 328.5% during the first quarter. Bayesian Capital Management LP now owns 151,700 shares of the biotechnology company’s stock valued at $2,248,000 after acquiring an additional 116,300 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Iovance Biotherapeutics by 60.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,267,864 shares of the biotechnology company’s stock valued at $78,071,000 after purchasing an additional 1,991,262 shares during the period. Hood River Capital Management LLC grew its stake in shares of Iovance Biotherapeutics by 31.1% in the first quarter. Hood River Capital Management LLC now owns 2,624,238 shares of the biotechnology company’s stock worth $38,891,000 after acquiring an additional 622,728 shares during the last quarter. Avoro Capital Advisors LLC grew its stake in shares of Iovance Biotherapeutics by 74.6% in the first quarter. Avoro Capital Advisors LLC now owns 11,700,000 shares of the biotechnology company’s stock worth $173,394,000 after acquiring an additional 5,000,000 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its stake in shares of Iovance Biotherapeutics by 89.9% in the first quarter. CANADA LIFE ASSURANCE Co now owns 43,878 shares of the biotechnology company’s stock worth $650,000 after acquiring an additional 20,778 shares during the last quarter. 77.03% of the stock is currently owned by institutional investors and hedge funds.
Iovance Biotherapeutics Price Performance
The firm’s 50 day moving average price is $10.57 and its 200-day moving average price is $10.74. The firm has a market cap of $2.23 billion, a price-to-earnings ratio of -4.44 and a beta of 0.80.
Iovance Biotherapeutics (NASDAQ:IOVA – Get Free Report) last posted its quarterly earnings results on Thursday, May 9th. The biotechnology company reported ($0.42) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.03. Iovance Biotherapeutics had a negative net margin of 23,615.70% and a negative return on equity of 71.45%. The firm had revenue of $0.72 million for the quarter, compared to the consensus estimate of $1.99 million. During the same quarter in the previous year, the company earned ($0.50) earnings per share. The business’s revenue was up 71400.0% compared to the same quarter last year. Analysts expect that Iovance Biotherapeutics, Inc. will post -1.35 EPS for the current year.
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.