HC Wainwright Reaffirms “Buy” Rating for Iovance Biotherapeutics (NASDAQ:IOVA)

HC Wainwright reissued their buy rating on shares of Iovance Biotherapeutics (NASDAQ:IOVA) in a report published on Friday, Benzinga reports. The firm currently has a $32.00 target price on the biotechnology company’s stock.

Several other analysts also recently commented on IOVA. JMP Securities reduced their price target on shares of Iovance Biotherapeutics from $25.00 to $23.00 and set a market outperform rating for the company in a research report on Thursday, June 20th. The Goldman Sachs Group upped their price objective on shares of Iovance Biotherapeutics from $19.00 to $21.00 and gave the stock a buy rating in a research report on Thursday, February 29th. Wells Fargo & Company upped their price objective on shares of Iovance Biotherapeutics from $22.00 to $25.00 and gave the stock an overweight rating in a research report on Friday, March 1st. Barclays upped their price objective on shares of Iovance Biotherapeutics from $18.00 to $22.00 and gave the stock an overweight rating in a research report on Thursday, February 29th. Finally, Piper Sandler upped their price objective on shares of Iovance Biotherapeutics from $18.00 to $19.00 and gave the stock an overweight rating in a research report on Thursday, March 14th. One analyst has rated the stock with a sell rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $24.45.

Iovance Biotherapeutics Price Performance

IOVA stock opened at $8.02 on Friday. The company has a fifty day moving average price of $10.02 and a 200 day moving average price of $10.84. Iovance Biotherapeutics has a 12 month low of $3.21 and a 12 month high of $18.33. The company has a market cap of $2.24 billion, a price-to-earnings ratio of -4.46 and a beta of 0.80.

Iovance Biotherapeutics (NASDAQ:IOVA) last released its quarterly earnings results on Thursday, May 9th. The biotechnology company reported ($0.42) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.03. Iovance Biotherapeutics had a negative net margin of 23,615.70% and a negative return on equity of 71.45%. The firm had revenue of $0.72 million during the quarter, compared to the consensus estimate of $1.99 million. During the same quarter in the prior year, the firm earned ($0.50) EPS. Iovance Biotherapeutics’s revenue for the quarter was up 71400.0% on a year-over-year basis. As a group, analysts anticipate that Iovance Biotherapeutics will post -1.34 earnings per share for the current year.

Institutional Trading of Iovance Biotherapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in IOVA. Charles Schwab Investment Management Inc. lifted its stake in shares of Iovance Biotherapeutics by 13.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,692,533 shares of the biotechnology company’s stock valued at $7,701,000 after purchasing an additional 201,311 shares during the period. Mariner LLC increased its holdings in Iovance Biotherapeutics by 107.3% during the 3rd quarter. Mariner LLC now owns 371,850 shares of the biotechnology company’s stock valued at $1,692,000 after acquiring an additional 192,450 shares in the last quarter. MPM Bioimpact LLC increased its holdings in Iovance Biotherapeutics by 11.4% during the 3rd quarter. MPM Bioimpact LLC now owns 3,287,397 shares of the biotechnology company’s stock valued at $14,958,000 after acquiring an additional 337,279 shares in the last quarter. AXQ Capital LP purchased a new position in Iovance Biotherapeutics during the 3rd quarter valued at about $99,000. Finally, Kettle Hill Capital Management LLC purchased a new position in Iovance Biotherapeutics during the 3rd quarter valued at about $175,000. 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.