Iovance Biotherapeutics, Inc. (NASDAQ:IOVA – Get Free Report)’s stock price gapped down before the market opened on Wednesday after HC Wainwright lowered their price target on the stock from $38.00 to $28.00. The stock had previously closed at $8.89, but opened at $7.06. HC Wainwright currently has a buy rating on the stock. Iovance Biotherapeutics shares last traded at $7.34, with a volume of 9,199,693 shares trading hands.
Several other research firms also recently commented on IOVA. StockNews.com upgraded Iovance Biotherapeutics to a “sell” rating in a report on Tuesday, October 17th. Truist Financial reissued a “buy” rating and set a $17.00 price objective on shares of Iovance Biotherapeutics in a report on Wednesday. Mizuho restated a “buy” rating and issued a $30.00 target price on shares of Iovance Biotherapeutics in a report on Friday, September 15th. Stifel Nicolaus decreased their target price on shares of Iovance Biotherapeutics from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Wednesday, September 13th. Finally, The Goldman Sachs Group assumed coverage on Iovance Biotherapeutics in a research note on Monday, November 20th. They issued a “buy” rating and a $12.00 price target on the stock. One analyst has rated the stock with a sell rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.33.
Institutional Trading of Iovance Biotherapeutics
Several institutional investors and hedge funds have recently modified their holdings of the company. Lazard Asset Management LLC increased its stake in Iovance Biotherapeutics by 38.5% in the 1st quarter. Lazard Asset Management LLC now owns 3,357 shares of the biotechnology company’s stock worth $55,000 after buying an additional 934 shares in the last quarter. Baird Financial Group Inc. grew its position in shares of 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 purchasing an additional 995 shares in the last quarter. Rockefeller Capital Management L.P. raised its stake in Iovance Biotherapeutics by 3.8% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 37,758 shares of the biotechnology company’s stock valued at $266,000 after purchasing an additional 1,385 shares during the period. American Century Companies Inc. lifted its holdings in Iovance Biotherapeutics by 0.5% in the 1st quarter. American Century Companies Inc. now owns 319,310 shares of the biotechnology company’s stock worth $1,951,000 after purchasing an additional 1,649 shares in the last quarter. Finally, Macquarie Group Ltd. boosted its stake in Iovance Biotherapeutics by 2.7% in the 2nd quarter. Macquarie Group Ltd. now owns 66,393 shares of the biotechnology company’s stock worth $733,000 after purchasing an additional 1,721 shares during the period. 81.85% of the stock is currently owned by institutional investors.
Iovance Biotherapeutics Price Performance
The firm’s 50-day moving average price is $5.44 and its 200-day moving average price is $6.09. The stock has a market cap of $1.78 billion, a P/E ratio of -3.39 and a beta of 0.36.
Iovance Biotherapeutics (NASDAQ:IOVA – Get Free Report) last posted its earnings results on Tuesday, November 7th. The biotechnology company reported ($0.46) earnings per share for the quarter, meeting the consensus estimate of ($0.46). The company had revenue of $0.47 million for the quarter, compared to analysts’ expectations of $4.50 million. During the same period in the previous year, the business posted ($0.63) earnings per share. Sell-side analysts expect that Iovance Biotherapeutics, Inc. will post -1.88 earnings per share for the current year.
About Iovance Biotherapeutics
Iovance Biotherapeutics, Inc, a clinical-stage biotechnology company, focuses on developing and commercializing cancer immunotherapy products to harness the power of a patient’s immune system to eradicate cancer cells. The company’s lead product candidate is lifileucel that is in Phase II clinical trial for the treatment of metastatic melanoma and cervical cancer.