Piper Sandler Cuts Iovance Biotherapeutics (NASDAQ:IOVA) Price Target to $7.50

Iovance Biotherapeutics (NASDAQ:IOVA) had its price target cut by Piper Sandler from $10.00 to $7.50 in a report published on Friday morning,Benzinga reports. They currently have a neutral rating on the biotechnology company’s stock.

IOVA has been the topic of several other reports. UBS Group started coverage on shares of Iovance Biotherapeutics in a report on Thursday, October 24th. They set a “buy” rating and a $17.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and set a $32.00 price target on shares of Iovance Biotherapeutics in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $22.69.

Iovance Biotherapeutics Stock Performance

Shares of IOVA opened at $5.85 on Friday. The company’s 50 day simple moving average is $7.41 and its 200 day simple moving average is $9.01. The company has a market capitalization of $1.78 billion, a price-to-earnings ratio of -3.93 and a beta of 0.57. Iovance Biotherapeutics has a 1 year low of $5.57 and a 1 year high of $18.33.

Iovance Biotherapeutics (NASDAQ:IOVA) last announced its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.03. Iovance Biotherapeutics had a negative return on equity of 58.43% and a negative net margin of 451.25%. The business had revenue of $58.56 million during the quarter, compared to the consensus estimate of $53.54 million. During the same quarter in the previous year, the business earned ($0.46) earnings per share. Equities analysts expect that Iovance Biotherapeutics will post -1.23 EPS for the current fiscal year.

Insiders Place Their Bets

In other Iovance Biotherapeutics news, Director Ryan D. Maynard sold 50,000 shares of the business’s 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 transaction, the director now owns 7,500 shares in the company, valued at $75,450. The trade was a 86.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 12.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Iovance Biotherapeutics

Several hedge funds have recently modified their holdings of the stock. Impact Partnership Wealth LLC acquired a new stake in Iovance Biotherapeutics in the fourth quarter valued at approximately $83,000. ORG Wealth Partners LLC acquired a new stake in Iovance Biotherapeutics during the 3rd quarter valued at $89,000. Clear Creek Financial Management LLC purchased a new stake in Iovance Biotherapeutics during the 4th quarter worth $91,000. KBC Group NV increased its stake in Iovance Biotherapeutics by 105.7% during the 4th quarter. KBC Group NV now owns 12,303 shares of the biotechnology company’s stock worth $91,000 after buying an additional 6,321 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Iovance Biotherapeutics by 31.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,978 shares of the biotechnology company’s stock worth $105,000 after acquiring an additional 2,624 shares in the last quarter. 77.03% of the stock is currently 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.