Iovance Biotherapeutics (NASDAQ:IOVA) Price Target Lowered to $23.00 at JMP Securities

Iovance Biotherapeutics (NASDAQ:IOVA) had its target price lowered by research analysts at JMP Securities from $25.00 to $23.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “market outperform” rating on the biotechnology company’s stock. JMP Securities’ price objective points to a potential upside of 187.50% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the stock. Piper Sandler upped their price objective on shares of Iovance Biotherapeutics from $18.00 to $19.00 and gave the stock an “overweight” rating in a research report on Thursday, March 14th. Wells Fargo & Company upped their price target 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. HC Wainwright reiterated a “buy” rating and issued a $32.00 price target on shares of Iovance Biotherapeutics in a research note on Friday, May 31st. Barclays upped their target price on Iovance Biotherapeutics from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Thursday, February 29th. Finally, The Goldman Sachs Group lifted their price target on Iovance Biotherapeutics from $19.00 to $21.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. One equities research analyst has rated the stock with a sell rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Iovance Biotherapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.45.

Iovance Biotherapeutics Stock Performance

Shares of IOVA opened at $8.00 on Thursday. Iovance Biotherapeutics has a 52-week low of $3.21 and a 52-week high of $18.33. The firm has a market cap of $2.24 billion, a price-to-earnings ratio of -4.44 and a beta of 0.80. The business’s fifty day moving average is $10.57 and its 200-day moving average is $10.74.

Iovance Biotherapeutics (NASDAQ:IOVA) last released its quarterly earnings data on Thursday, May 9th. The biotechnology company reported ($0.42) earnings per share for the quarter, beating the consensus estimate of ($0.45) by $0.03. The business had revenue of $0.72 million for the quarter, compared to analyst estimates of $1.99 million. Iovance Biotherapeutics had a negative return on equity of 71.45% and a negative net margin of 23,615.70%. Iovance Biotherapeutics’s revenue was up 71400.0% compared to the same quarter last year. During the same period last year, the firm posted ($0.50) earnings per share. As a group, research analysts forecast that Iovance Biotherapeutics will post -1.35 EPS for the current fiscal year.

Institutional Trading of Iovance Biotherapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IOVA. Kennedy Capital Management LLC increased its position in shares of Iovance Biotherapeutics by 52.3% during the third quarter. Kennedy Capital Management LLC now owns 344,042 shares of the biotechnology company’s stock worth $1,565,000 after buying an additional 118,133 shares during the period. Raymond James Financial Services Advisors Inc. grew its holdings in Iovance Biotherapeutics by 48.7% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 130,287 shares of the biotechnology company’s stock worth $1,059,000 after acquiring an additional 42,692 shares during the period. Vanguard Group Inc. raised its position in shares of Iovance Biotherapeutics by 8.6% in the 3rd quarter. Vanguard Group Inc. now owns 22,143,470 shares of the biotechnology company’s stock worth $100,753,000 after acquiring an additional 1,748,082 shares in the last quarter. Mariner LLC lifted its stake in shares of Iovance Biotherapeutics by 107.3% in the 3rd quarter. Mariner LLC now owns 371,850 shares of the biotechnology company’s stock valued at $1,692,000 after purchasing an additional 192,450 shares during the period. Finally, UBS Group AG boosted its position in shares of Iovance Biotherapeutics by 255.2% during the 4th quarter. UBS Group AG now owns 857,308 shares of the biotechnology company’s stock valued at $6,970,000 after purchasing an additional 615,920 shares in the last quarter. Institutional investors and hedge funds 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.