Iovance Biotherapeutics (NASDAQ:IOVA) Price Target Raised to $20.00

Iovance Biotherapeutics (NASDAQ:IOVA) had its price target hoisted by investment analysts at HC Wainwright from $9.00 to $20.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. HC Wainwright’s price objective points to a potential upside of 46.45% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. Citigroup reissued an “outperform” rating on shares of Iovance Biotherapeutics in a research note on Friday, August 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Iovance Biotherapeutics in a research report on Thursday, July 2nd. Citizens Jmp upped their target price on Iovance Biotherapeutics from $5.00 to $8.00 and gave the stock a “market outperform” rating in a report on Friday, August 7th. TD Cowen increased their price target on Iovance Biotherapeutics from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Monday, August 24th. Finally, Robert W. Baird set a $6.00 price target on Iovance Biotherapeutics in a research note on Friday, August 7th. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $11.78.

Iovance Biotherapeutics Stock Up 24.3%

IOVA traded up $2.67 on Tuesday, reaching $13.66. 21,637,157 shares of the company traded hands, compared to its average volume of 15,507,152. The company has a market cap of $6.19 billion, a P/E ratio of -18.69 and a beta of 0.83. Iovance Biotherapeutics has a one year low of $1.76 and a one year high of $14.11. The firm has a fifty day simple moving average of $7.61 and a two-hundred day simple moving average of $5.20.

Iovance Biotherapeutics (NASDAQ:IOVA) last issued its earnings results on Thursday, August 6th. The biotechnology company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. The business had revenue of $99.31 million for the quarter, compared to the consensus estimate of $87.83 million. Iovance Biotherapeutics had a negative net margin of 89.11% and a negative return on equity of 40.51%. The company’s revenue for the quarter was up 65.7% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.33) EPS. On average, equities analysts forecast that Iovance Biotherapeutics will post -0.49 earnings per share for the current year.

Hedge Funds Weigh In On Iovance Biotherapeutics

Several institutional investors have recently bought and sold shares of IOVA. Sequoia Financial Advisors LLC raised its stake in Iovance Biotherapeutics by 5.4% in the second quarter. Sequoia Financial Advisors LLC now owns 32,957 shares of the biotechnology company’s stock worth $137,000 after buying an additional 1,691 shares in the last quarter. Tidal Investments LLC lifted its holdings in Iovance Biotherapeutics by 52.1% during the second quarter. Tidal Investments LLC now owns 280,048 shares of the biotechnology company’s stock worth $1,165,000 after buying an additional 95,933 shares during the period. Engineers Gate Manager LP boosted its position in Iovance Biotherapeutics by 76.5% during the 2nd quarter. Engineers Gate Manager LP now owns 190,035 shares of the biotechnology company’s stock valued at $791,000 after acquiring an additional 82,338 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in Iovance Biotherapeutics during the 2nd quarter valued at $55,000. Finally, Baird Financial Group Inc. increased its holdings in shares of Iovance Biotherapeutics by 12.0% in the 2nd quarter. Baird Financial Group Inc. now owns 222,340 shares of the biotechnology company’s stock valued at $925,000 after acquiring an additional 23,800 shares during the period. 77.03% of the stock is owned by hedge funds and other institutional investors.

About Iovance Biotherapeutics

Iovance Biotherapeutics, Inc is a biotechnology company focused on developing and commercializing individualized cell therapies for patients with cancer. Its platform uses tumor-infiltrating lymphocytes (TILs), immune cells collected from a patient’s tumor, expanded in a manufacturing facility and returned to the patient to help recognize and attack cancer cells.

The company’s lead product, Amtagvi (lifileucel), is an autologous TIL therapy approved by the U.S. Food and Drug Administration for certain adults with unresectable or metastatic melanoma that has progressed following prior treatment.