Iovance Biotherapeutics (NASDAQ:IOVA) Price Target Lowered to $7.50 at Piper Sandler

Iovance Biotherapeutics (NASDAQ:IOVA) had its target price decreased by equities researchers at Piper Sandler from $10.00 to $7.50 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the biotechnology company’s stock. Piper Sandler’s price objective points to a potential upside of 25.27% from the stock’s previous close.

Several other analysts have also weighed in on the company. HC Wainwright restated a “buy” rating and issued a $32.00 price objective on shares of Iovance Biotherapeutics in a report on Wednesday, November 6th. UBS Group started coverage on Iovance Biotherapeutics in a research report on Thursday, October 24th. They issued a “buy” rating and a $17.00 price target on the stock. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven 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 an average price target of $22.69.

Iovance Biotherapeutics Stock Performance

Iovance Biotherapeutics stock traded down $0.22 during trading on Friday, reaching $5.99. 2,522,005 shares of the company’s stock were exchanged, compared to its average volume of 8,905,497. The company’s 50-day moving average is $7.46 and its two-hundred day moving average is $9.03. The firm has a market cap of $1.82 billion, a price-to-earnings ratio of -4.02 and a beta of 0.57. Iovance Biotherapeutics has a 52-week low of $5.57 and a 52-week high of $18.33.

Iovance Biotherapeutics (NASDAQ:IOVA) last issued its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.03. The firm had revenue of $58.56 million during the quarter, compared to analyst estimates of $53.54 million. Iovance Biotherapeutics had a negative return on equity of 58.43% and a negative net margin of 451.25%. During the same quarter last year, the firm earned ($0.46) EPS. Analysts anticipate that Iovance Biotherapeutics will post -1.23 EPS for the current year.

Insider Activity at Iovance Biotherapeutics

In related news, Director Ryan D. Maynard sold 50,000 shares of the stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $10.06, for a total transaction of $503,000.00. Following the completion of the transaction, the director now owns 7,500 shares in the company, valued at approximately $75,450. This represents a 86.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 12.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Iovance Biotherapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in IOVA. State Street Corp grew its stake in Iovance Biotherapeutics by 4.6% in the third quarter. State Street Corp now owns 13,201,978 shares of the biotechnology company’s stock valued at $123,967,000 after purchasing an additional 576,801 shares in the last quarter. Principal Financial Group Inc. raised its position in Iovance Biotherapeutics by 59.0% during the third quarter. Principal Financial Group Inc. now owns 4,033,184 shares of the biotechnology company’s stock worth $37,872,000 after acquiring an additional 1,496,941 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in Iovance Biotherapeutics in the fourth quarter valued at $12,927,000. Rice Hall James & Associates LLC grew its position in shares of Iovance Biotherapeutics by 2.6% in the 3rd quarter. Rice Hall James & Associates LLC now owns 1,679,157 shares of the biotechnology company’s stock valued at $15,767,000 after acquiring an additional 43,132 shares during the period. Finally, Barclays PLC increased its stake in shares of Iovance Biotherapeutics by 118.8% during the 3rd quarter. Barclays PLC now owns 604,584 shares of the biotechnology company’s stock worth $5,677,000 after purchasing an additional 328,284 shares during the last quarter. 77.03% of the stock is owned by institutional investors.

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.