Iovance Biotherapeutics (NASDAQ:IOVA) Price Target Cut to $7.50 by Analysts at Piper Sandler

Iovance Biotherapeutics (NASDAQ:IOVA) had its price target decreased by Piper Sandler from $10.00 to $7.50 in a report released on Friday,Benzinga reports. The firm currently has a “neutral” rating on the biotechnology company’s stock. Piper Sandler’s target price would indicate a potential upside of 25.27% from the stock’s previous close.

Several other equities analysts have also recently issued reports on IOVA. UBS Group began coverage on shares of Iovance Biotherapeutics in a research report on Thursday, October 24th. They issued a “buy” rating and a $17.00 price target for the company. HC Wainwright reiterated a “buy” rating and set a $32.00 price objective on shares of Iovance Biotherapeutics in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Iovance Biotherapeutics presently has an average rating of “Moderate Buy” and an average price target of $22.69.

Iovance Biotherapeutics Trading Down 3.6 %

NASDAQ IOVA traded down $0.22 during midday trading on Friday, hitting $5.99. The company had a trading volume of 2,522,005 shares, compared to its average volume of 8,905,497. The firm has a 50-day moving average price of $7.46 and a 200-day moving average price of $9.03. The company has a market capitalization of $1.82 billion, a PE ratio of -4.02 and a beta of 0.57. Iovance Biotherapeutics has a twelve month low of $5.57 and a twelve month high of $18.33.

Iovance Biotherapeutics (NASDAQ:IOVA) last posted its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.28) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.03. The company had revenue of $58.56 million during the quarter, compared to analysts’ expectations 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 in the previous year, the firm earned ($0.46) EPS. On average, equities analysts anticipate that Iovance Biotherapeutics will post -1.23 EPS for the current year.

Insider Activity

In other Iovance Biotherapeutics news, Director Ryan D. Maynard sold 50,000 shares of Iovance Biotherapeutics stock in a transaction dated Tuesday, November 12th. The stock was 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. The trade was a 86.96 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 12.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Iovance Biotherapeutics

Hedge funds have recently bought and sold shares of the company. Squarepoint Ops LLC bought a new position in Iovance Biotherapeutics during the second quarter valued at about $2,065,000. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Iovance Biotherapeutics during the 2nd quarter worth approximately $107,000. Handelsbanken Fonder AB raised its holdings in shares of Iovance Biotherapeutics by 18.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 74,800 shares of the biotechnology company’s stock worth $702,000 after purchasing an additional 11,500 shares during the period. Brookstone Capital Management lifted its stake in Iovance Biotherapeutics by 43.9% in the third quarter. Brookstone Capital Management now owns 20,055 shares of the biotechnology company’s stock valued at $188,000 after purchasing an additional 6,120 shares during the last quarter. Finally, Exchange Traded Concepts LLC grew its stake in shares of Iovance Biotherapeutics by 11.6% during the 3rd quarter. Exchange Traded Concepts LLC now owns 17,071 shares of the biotechnology company’s stock worth $160,000 after acquiring an additional 1,776 shares during the period. 77.03% of the stock is owned by hedge funds and other institutional investors.

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.