Robert W. Baird Issues Pessimistic Forecast for Iovance Biotherapeutics (NASDAQ:IOVA) Stock Price

Iovance Biotherapeutics (NASDAQ:IOVA) had its price target trimmed by Robert W. Baird from $24.00 to $20.00 in a research report sent to investors on Friday,Benzinga reports. The firm currently has an outperform rating on the biotechnology company’s stock.

Several other equities analysts also recently weighed in on IOVA. Piper Sandler reduced their target price on Iovance Biotherapeutics from $7.50 to $6.00 and set a “neutral” rating on the stock in a research report on Friday. HC Wainwright reaffirmed a “buy” rating and set a $32.00 price objective on shares of Iovance Biotherapeutics in a research note on Friday. One analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Iovance Biotherapeutics has an average rating of “Moderate Buy” and an average price target of $20.50.

Iovance Biotherapeutics Price Performance

NASDAQ:IOVA 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. The firm has a 50 day simple moving average of $6.27 and a 200-day simple moving average of $8.62. Iovance Biotherapeutics has a 1-year low of $3.62 and a 1-year high of $18.24.

Iovance Biotherapeutics (NASDAQ:IOVA) last issued its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.26) earnings per share for the quarter, meeting the consensus estimate of ($0.26). Iovance Biotherapeutics had a negative return on equity of 58.43% and a negative net margin of 451.25%. The company had revenue of $73.69 million during the quarter, compared to the consensus estimate of $72.17 million. As a group, sell-side analysts expect that Iovance Biotherapeutics will post -1.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Iovance Biotherapeutics

A number of large investors have recently modified their holdings of IOVA. Man Group plc purchased a new stake in shares of Iovance Biotherapeutics during the 4th quarter worth about $17,871,000. Assenagon Asset Management S.A. purchased a new stake in Iovance Biotherapeutics during the fourth quarter worth approximately $12,927,000. Raymond James Financial Inc. purchased a new stake in Iovance Biotherapeutics during the fourth quarter worth approximately $11,568,000. Principal Financial Group Inc. raised its stake in shares of Iovance Biotherapeutics by 59.0% in the 3rd quarter. Principal Financial Group Inc. now owns 4,033,184 shares of the biotechnology company’s stock valued at $37,872,000 after acquiring an additional 1,496,941 shares during the period. Finally, Marshall Wace LLP acquired a new position in shares of Iovance Biotherapeutics during the 4th quarter valued at $8,365,000. 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.