Piper Sandler Has Lowered Expectations for Iovance Biotherapeutics (NASDAQ:IOVA) Stock Price

Iovance Biotherapeutics (NASDAQ:IOVA) had its price target cut by stock analysts at Piper Sandler from $7.50 to $6.00 in a report released on Friday,Benzinga reports. The firm presently has a “neutral” rating on the biotechnology company’s stock. Piper Sandler’s target price would suggest a potential upside of 41.51% from the company’s current price.

Separately, HC Wainwright reissued a “buy” rating and issued a $32.00 price objective on shares of Iovance Biotherapeutics in a research report on Friday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four 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 $19.60.

Iovance Biotherapeutics Stock Down 19.4 %

Iovance Biotherapeutics stock opened at $4.24 on Friday. Iovance Biotherapeutics has a 52-week low of $3.62 and a 52-week high of $18.24. The firm has a fifty day moving average of $6.21 and a 200-day moving average of $8.56. The firm has a market capitalization of $1.29 billion, a P/E ratio of -2.85 and a beta of 0.53.

Iovance Biotherapeutics (NASDAQ:IOVA) last released its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.26) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.26). Iovance Biotherapeutics had a negative net margin of 451.25% and a negative return on equity of 58.43%. The company had revenue of $73.69 million during the quarter, compared to analyst estimates of $72.17 million. On average, research analysts expect that Iovance Biotherapeutics will post -1.24 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 the company. Vanguard Group Inc. grew its holdings in Iovance Biotherapeutics by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 27,534,340 shares of the biotechnology company’s stock valued at $203,754,000 after purchasing an additional 220,373 shares in the last quarter. State Street Corp grew its holdings in Iovance Biotherapeutics by 4.6% during the 3rd 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. Hood River Capital Management LLC grew its holdings in Iovance Biotherapeutics by 10.4% during the 4th quarter. Hood River Capital Management LLC now owns 8,991,573 shares of the biotechnology company’s stock valued at $66,538,000 after purchasing an additional 846,936 shares in the last quarter. Geode Capital Management LLC grew its holdings in Iovance Biotherapeutics by 3.9% during the 4th quarter. Geode Capital Management LLC now owns 5,871,420 shares of the biotechnology company’s stock valued at $43,458,000 after purchasing an additional 222,425 shares in the last quarter. Finally, Long Focus Capital Management LLC boosted its stake in Iovance Biotherapeutics by 13.2% during the 4th quarter. Long Focus Capital Management LLC now owns 5,132,000 shares of the biotechnology company’s stock valued at $37,977,000 after acquiring an additional 600,000 shares during the last quarter. 77.03% of the stock is owned by institutional investors and hedge funds.

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.