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

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

A number of other analysts also recently commented on the stock. HC Wainwright restated a “buy” rating and set a $32.00 price target on shares of Iovance Biotherapeutics in a research report on Wednesday, November 6th. UBS Group assumed 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. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Iovance Biotherapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $22.69.

Iovance Biotherapeutics Stock Performance

NASDAQ IOVA opened at $5.85 on Friday. Iovance Biotherapeutics has a one year low of $5.57 and a one year high of $18.33. The company has a 50-day simple moving average of $7.41 and a 200-day simple moving average of $9.01. The firm has a market capitalization of $1.78 billion, a PE ratio of -3.93 and a beta of 0.57.

Iovance Biotherapeutics (NASDAQ:IOVA) last issued its earnings results on Thursday, November 7th. The biotechnology company reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.03. The company had revenue of $58.56 million during the quarter, compared to the consensus estimate 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 period in the previous year, the firm posted ($0.46) earnings per share. Equities analysts forecast that Iovance Biotherapeutics will post -1.23 earnings per share for the current year.

Insider Activity at Iovance Biotherapeutics

In related news, Director Ryan D. Maynard sold 50,000 shares of the company’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $10.06, for a total transaction of $503,000.00. Following the completion of the sale, the director now directly owns 7,500 shares of the company’s stock, valued at approximately $75,450. This represents a 86.96 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. XML Financial LLC increased its stake in shares of Iovance Biotherapeutics by 7.4% in the third quarter. XML Financial LLC now owns 14,500 shares of the biotechnology company’s stock worth $136,000 after purchasing an additional 1,000 shares during the period. Saturna Capital Corp grew its holdings in Iovance Biotherapeutics by 7.0% in the 3rd quarter. Saturna Capital Corp now owns 20,553 shares of the biotechnology company’s stock valued at $193,000 after buying an additional 1,353 shares during the last quarter. Exchange Traded Concepts LLC increased its position in Iovance Biotherapeutics by 11.6% in the 3rd quarter. Exchange Traded Concepts LLC now owns 17,071 shares of the biotechnology company’s stock worth $160,000 after buying an additional 1,776 shares during the period. Creative Planning lifted its holdings in shares of Iovance Biotherapeutics by 2.6% during the third quarter. Creative Planning now owns 73,489 shares of the biotechnology company’s stock worth $690,000 after buying an additional 1,896 shares during the last quarter. Finally, Bank Pictet & Cie Europe AG boosted its position in shares of Iovance Biotherapeutics by 10.1% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 21,318 shares of the biotechnology company’s stock valued at $158,000 after acquiring an additional 1,950 shares during the period. 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.