Iovance Biotherapeutics (NASDAQ:IOVA) Cut to Neutral at Piper Sandler

Piper Sandler cut shares of Iovance Biotherapeutics (NASDAQ:IOVA) from an overweight rating to a neutral rating in a report published on Monday morning, MarketBeat Ratings reports. Piper Sandler currently has $10.00 price target on the biotechnology company’s stock, down from their prior price target of $19.00.

Several other equities research analysts also recently commented on IOVA. JMP Securities cut their price objective on Iovance Biotherapeutics from $25.00 to $23.00 and set a market outperform rating for the company in a report on Thursday, June 20th. StockNews.com raised Iovance Biotherapeutics to a sell rating in a report on Friday, July 12th. Finally, HC Wainwright reissued a buy rating and issued a $32.00 price objective on shares of Iovance Biotherapeutics in a report on Friday, June 28th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $23.64.

Iovance Biotherapeutics Stock Down 2.6 %

Shares of IOVA opened at $8.73 on Monday. The stock has a market capitalization of $2.44 billion, a P/E ratio of -4.84 and a beta of 0.63. Iovance Biotherapeutics has a twelve month low of $3.21 and a twelve month high of $18.33. The company has a 50 day moving average of $8.49 and a 200-day moving average of $10.85.

Iovance Biotherapeutics (NASDAQ:IOVA) last issued its quarterly earnings results on Thursday, May 9th. The biotechnology company reported ($0.42) earnings per share for the quarter, topping the consensus estimate of ($0.45) by $0.03. The company had revenue of $0.72 million during the quarter, compared to analysts’ expectations 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 business’s quarterly revenue was up 71400.0% on a year-over-year basis. During the same period last year, the business earned ($0.50) EPS. On average, sell-side analysts anticipate that Iovance Biotherapeutics will post -1.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iovance Biotherapeutics

Hedge funds have recently added to or reduced their stakes in the business. ORG Partners LLC acquired a new stake in Iovance Biotherapeutics during the 2nd quarter valued at $32,000. Quadrant Capital Group LLC lifted its holdings in shares of Iovance Biotherapeutics by 1,227.8% during the fourth quarter. Quadrant Capital Group LLC now owns 5,059 shares of the biotechnology company’s stock worth $41,000 after buying an additional 4,678 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of Iovance Biotherapeutics by 284.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 7,541 shares of the biotechnology company’s stock worth $61,000 after buying an additional 5,577 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of Iovance Biotherapeutics by 256.6% during the fourth quarter. Signaturefd LLC now owns 8,723 shares of the biotechnology company’s stock worth $71,000 after buying an additional 6,277 shares in the last quarter. Finally, Abacus Planning Group Inc. acquired a new stake in shares of Iovance Biotherapeutics during the second quarter worth $82,000. 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.