Iovance Biotherapeutics (NASDAQ:IOVA) Price Target Cut to $6.00 by Analysts at Piper Sandler

Iovance Biotherapeutics (NASDAQ:IOVA) had its target price dropped by research analysts at Piper Sandler from $7.50 to $6.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the biotechnology company’s stock. Piper Sandler’s price objective would suggest a potential upside of 14.07% from the company’s current price.

Separately, HC Wainwright reissued a “buy” rating and set a $32.00 price target on shares of Iovance Biotherapeutics in a report on Friday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $20.86.

Iovance Biotherapeutics Stock Down 1.7 %

Shares of NASDAQ IOVA opened at $5.26 on Friday. The firm’s 50-day moving average price is $6.27 and its two-hundred day moving average price is $8.62. Iovance Biotherapeutics has a 52-week low of $5.05 and a 52-week high of $18.33. The stock has a market capitalization of $1.60 billion, a P/E ratio of -3.53 and a beta of 0.53.

Iovance Biotherapeutics (NASDAQ:IOVA) last announced its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.26) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.26). 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 expect that Iovance Biotherapeutics will post -1.24 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of IOVA. AlphaQuest LLC raised its stake in shares of Iovance Biotherapeutics by 63.6% during the fourth quarter. AlphaQuest LLC now owns 4,613 shares of the biotechnology company’s stock valued at $34,000 after purchasing an additional 1,794 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in Iovance Biotherapeutics during the fourth quarter valued at about $36,000. GF Fund Management CO. LTD. acquired a new position in shares of Iovance Biotherapeutics in the 4th quarter worth approximately $47,000. One68 Global Capital LLC acquired a new position in Iovance Biotherapeutics in the fourth quarter worth approximately $74,000. Finally, Quarry LP acquired a new position in shares of Iovance Biotherapeutics in the 4th quarter worth $74,000. Institutional investors 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.