Piper Sandler Cuts Iovance Biotherapeutics (NASDAQ:IOVA) Price Target to $6.00

Iovance Biotherapeutics (NASDAQ:IOVA) had its price target lowered by Piper Sandler from $7.50 to $6.00 in a research note released on Friday,Benzinga reports. The brokerage currently has a neutral rating on the biotechnology company’s stock.

Separately, HC Wainwright restated a “buy” rating and issued a $32.00 target price on shares of Iovance Biotherapeutics in a report on Friday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Iovance Biotherapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $19.60.

Iovance Biotherapeutics Stock Performance

Shares of IOVA opened at $4.24 on Friday. The stock has a market cap of $1.29 billion, a PE ratio of -2.85 and a beta of 0.53. Iovance Biotherapeutics has a fifty-two week low of $3.62 and a fifty-two week high of $18.24. The firm’s 50-day simple moving average is $6.21 and its two-hundred day simple moving average is $8.55.

Iovance Biotherapeutics (NASDAQ:IOVA) last posted its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.26) EPS for the quarter, meeting analysts’ consensus estimates of ($0.26). Iovance Biotherapeutics had a negative net margin of 451.25% and a negative return on equity of 58.43%. The firm had revenue of $73.69 million for the quarter, compared to analysts’ expectations of $72.17 million. Equities research analysts predict that Iovance Biotherapeutics will post -1.24 EPS for the current year.

Institutional Trading of Iovance Biotherapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. SG Americas Securities LLC purchased a new position in Iovance Biotherapeutics during the fourth quarter valued at $515,000. Jennison Associates LLC purchased a new position in shares of Iovance Biotherapeutics in the 4th quarter worth $493,000. Barclays PLC grew its stake in shares of Iovance Biotherapeutics by 118.8% in the 3rd quarter. Barclays PLC now owns 604,584 shares of the biotechnology company’s stock worth $5,677,000 after buying an additional 328,284 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Iovance Biotherapeutics by 59.0% in the 3rd quarter. Principal Financial Group Inc. now owns 4,033,184 shares of the biotechnology company’s stock worth $37,872,000 after buying an additional 1,496,941 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new position in shares of Iovance Biotherapeutics in the 3rd quarter worth $920,000. 77.03% of the stock is currently 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.