HC Wainwright Reaffirms Buy Rating for Iovance Biotherapeutics (NASDAQ:IOVA)

HC Wainwright reissued their buy rating on shares of Iovance Biotherapeutics (NASDAQ:IOVA) in a report issued on Friday morning, Benzinga reports. The brokerage currently has a $32.00 price target on the biotechnology company’s stock.

IOVA has been the topic of several other research reports. JMP Securities reduced their price objective on shares of Iovance Biotherapeutics from $25.00 to $23.00 and set a market outperform rating on the stock in a research note on Thursday, June 20th. 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 upped their price target 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. The Goldman Sachs Group upped their price target on shares of Iovance Biotherapeutics from $19.00 to $21.00 and gave the stock a buy rating in a research report on Thursday, February 29th. Finally, 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 research report on Friday, March 1st. 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, the stock presently has an average rating of Moderate Buy and a consensus target price of $24.45.

Iovance Biotherapeutics Price Performance

Shares of NASDAQ IOVA opened at $8.06 on Friday. Iovance Biotherapeutics has a 12-month low of $3.21 and a 12-month high of $18.33. The company has a market capitalization of $2.26 billion, a PE ratio of -4.48 and a beta of 0.63. The firm’s 50-day moving average is $9.95 and its two-hundred day moving average is $10.85.

Iovance Biotherapeutics (NASDAQ:IOVA) last announced its quarterly earnings data on Thursday, May 9th. The biotechnology company reported ($0.42) earnings per share (EPS) 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 the consensus estimate of $1.99 million. Iovance Biotherapeutics had a negative net margin of 23,615.70% and a negative return on equity of 71.45%. The company’s quarterly revenue was up 71400.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.50) earnings per share. On average, analysts forecast that Iovance Biotherapeutics will post -1.34 EPS for the current fiscal year.

Institutional Investors Weigh In On Iovance Biotherapeutics

A number of large investors have recently added to or reduced their stakes in IOVA. Avoro Capital Advisors LLC grew its holdings in Iovance Biotherapeutics by 74.6% during the 1st quarter. Avoro Capital Advisors LLC now owns 11,700,000 shares of the biotechnology company’s stock valued at $173,394,000 after purchasing an additional 5,000,000 shares in the last quarter. Vanguard Group Inc. grew its holdings in Iovance Biotherapeutics by 9.2% during the 1st quarter. Vanguard Group Inc. now owns 24,915,300 shares of the biotechnology company’s stock valued at $369,245,000 after purchasing an additional 2,102,480 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Iovance Biotherapeutics by 60.8% during the 1st 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 in the last quarter. Norges Bank acquired a new stake in Iovance Biotherapeutics during the 4th quarter valued at $9,109,000. Finally, Invenomic Capital Management LP acquired a new stake in Iovance Biotherapeutics during the 4th quarter valued at $8,563,000. 77.03% of the stock is owned by institutional investors and hedge funds.

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.