Piper Sandler Issues Pessimistic Forecast for Iovance Biotherapeutics (NASDAQ:IOVA) Stock Price

Iovance Biotherapeutics (NASDAQ:IOVA) had its price objective reduced by Piper Sandler from $7.50 to $6.00 in a research report sent to investors on Friday,Benzinga reports. Piper Sandler currently has a neutral rating on the biotechnology company’s stock.

Separately, HC Wainwright reiterated a “buy” rating and set a $32.00 target price on shares of Iovance Biotherapeutics in a research note on Friday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $20.50.

Iovance Biotherapeutics Stock Performance

Shares of Iovance Biotherapeutics stock opened at $4.24 on Friday. The firm has a market cap of $1.29 billion, a PE ratio of -2.85 and a beta of 0.53. Iovance Biotherapeutics has a 52-week low of $3.62 and a 52-week high of $18.24. The business’s 50 day simple moving average is $6.27 and its 200 day simple moving average is $8.62.

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

Institutional Trading of Iovance Biotherapeutics

Institutional investors have recently added to or reduced their stakes in the company. Man Group plc bought a new stake in shares of Iovance Biotherapeutics during the 4th quarter valued at $17,871,000. Assenagon Asset Management S.A. acquired a new position in shares of Iovance Biotherapeutics during the 4th quarter worth $12,927,000. Raymond James Financial Inc. acquired a new position in shares of Iovance Biotherapeutics during the 4th quarter worth $11,568,000. Principal Financial Group Inc. raised its holdings in shares of Iovance Biotherapeutics by 59.0% during 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, Marshall Wace LLP acquired a new position in shares of Iovance Biotherapeutics during the 4th quarter worth $8,365,000. 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.