Iovance Biotherapeutics’ (IOVA) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Iovance Biotherapeutics (NASDAQ:IOVA) in a report published on Wednesday morning,Benzinga reports. The firm currently has a $32.00 price objective on the biotechnology company’s stock. HC Wainwright also issued estimates for Iovance Biotherapeutics’ Q3 2024 earnings at ($0.32) EPS and Q4 2024 earnings at ($0.28) EPS.

Several other research firms also recently weighed in on IOVA. StockNews.com raised Iovance Biotherapeutics to a “sell” rating in a research report on Monday, August 12th. Piper Sandler downgraded shares of Iovance Biotherapeutics from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $19.00 to $10.00 in a report on Monday, July 29th. Finally, UBS Group assumed coverage on shares of Iovance Biotherapeutics in a research report on Thursday, October 24th. They issued a “buy” rating and a $17.00 price objective for the company. One analyst has rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $22.33.

Iovance Biotherapeutics Price Performance

Iovance Biotherapeutics stock traded down $1.69 during trading hours on Wednesday, hitting $10.59. The stock had a trading volume of 27,300,721 shares, compared to its average volume of 5,203,769. The stock has a market capitalization of $2.96 billion, a price-to-earnings ratio of -6.34 and a beta of 0.60. Iovance Biotherapeutics has a 1-year low of $3.76 and a 1-year high of $18.33. The stock’s fifty day moving average is $10.19 and its two-hundred day moving average is $9.83.

Iovance Biotherapeutics (NASDAQ:IOVA) last posted its earnings results on Thursday, August 8th. The biotechnology company reported ($0.34) earnings per share for the quarter, beating the consensus estimate of ($0.35) by $0.01. The firm had revenue of $31.11 million during the quarter, compared to the consensus estimate of $24.59 million. Iovance Biotherapeutics had a negative net margin of 1,343.27% and a negative return on equity of 65.04%. The firm’s revenue for the quarter was up 12969.7% on a year-over-year basis. During the same period last year, the firm posted ($0.47) EPS. As a group, sell-side analysts anticipate that Iovance Biotherapeutics will post -1.26 EPS for the current year.

Institutional Trading of Iovance Biotherapeutics

A number of institutional investors have recently modified their holdings of the company. Sei Investments Co. grew its stake in Iovance Biotherapeutics by 33.9% during the first quarter. Sei Investments Co. now owns 333,148 shares of the biotechnology company’s stock worth $4,937,000 after buying an additional 84,382 shares during the period. Oppenheimer & Co. Inc. purchased a new position in Iovance Biotherapeutics in the first quarter valued at about $246,000. Vanguard Group Inc. lifted its stake in shares of Iovance Biotherapeutics by 9.2% during the first quarter. Vanguard Group Inc. now owns 24,915,300 shares of the biotechnology company’s stock worth $369,245,000 after purchasing an additional 2,102,480 shares in the last quarter. Marshall Wace LLP acquired a new stake in Iovance Biotherapeutics in the second quarter valued at approximately $12,929,000. Finally, GSA Capital Partners LLP purchased a new stake in shares of Iovance Biotherapeutics during the first quarter valued at approximately $907,000. Hedge funds and other institutional investors 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.