Iovance Biotherapeutics (NASDAQ:IOVA) Given New $17.00 Price Target at Truist Financial

Iovance Biotherapeutics (NASDAQ:IOVA – Get Rating) had its price target increased by Truist Financial from $16.00 to $17.00 in a report issued on Tuesday morning, The Fly reports. The brokerage currently has a buy rating on the biotechnology company’s stock.

Several other analysts have also commented on the stock. Benchmark lowered shares of Iovance Biotherapeutics to a neutral rating and cut their target price for the company from $20.00 to $6.00 in a research note on Friday, December 9th. Chardan Capital cut their target price on shares of Iovance Biotherapeutics from $30.00 to $29.00 and set a buy rating for the company in a research note on Friday, November 18th. The Goldman Sachs Group lowered shares of Iovance Biotherapeutics from a buy rating to a neutral rating and cut their target price for the company from $20.00 to $6.00 in a research note on Thursday, December 8th. HC Wainwright cut their target price on shares of Iovance Biotherapeutics from $43.00 to $38.00 and set a buy rating for the company in a research note on Friday, November 18th. Finally, Guggenheim began coverage on shares of Iovance Biotherapeutics in a research note on Monday, October 31st. They issued a neutral rating for the company. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $19.73.

Iovance Biotherapeutics Trading Up 9.9 %

Shares of NASDAQ:IOVA opened at $7.69 on Tuesday. The company has a 50 day moving average of $6.47 and a 200-day moving average of $9.17. The firm has a market cap of $1.21 billion, a P/E ratio of -3.11 and a beta of 0.38. Iovance Biotherapeutics has a twelve month low of $5.42 and a twelve month high of $18.73.

Iovance Biotherapeutics (NASDAQ:IOVA – Get Rating) last issued its quarterly earnings results on Thursday, November 3rd. The biotechnology company reported ($0.63) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.64) by $0.01. Equities research analysts forecast that Iovance Biotherapeutics will post -2.5 EPS for the current year.

Insiders Place Their Bets

In related news, Director Merrill A. Mcpeak bought 10,000 shares of the business’s stock in a transaction on Wednesday, December 21st. The stock was bought at an average price of $6.15 per share, for a total transaction of $61,500.00. Following the transaction, the director now directly owns 70,150 shares in the company, valued at $431,422.50. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Merrill A. Mcpeak bought 10,000 shares of the business’s stock in a transaction on Wednesday, December 21st. The stock was bought at an average price of $6.15 per share, for a total transaction of $61,500.00. Following the transaction, the director now directly owns 70,150 shares in the company, valued at $431,422.50. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Wayne P. Rothbaum bought 10,000,000 shares of the business’s stock in a transaction on Friday, December 2nd. The stock was bought at an average price of $6.50 per share, with a total value of $65,000,000.00. Following the transaction, the director now owns 18,067,333 shares in the company, valued at $117,437,664.50. The disclosure for this purchase can be found here. Insiders purchased a total of 10,031,000 shares of company stock worth $65,190,280 in the last quarter. 7.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of IOVA. State Street Corp raised its holdings in shares of Iovance Biotherapeutics by 71.9% during the 2nd quarter. State Street Corp now owns 11,770,751 shares of the biotechnology company’s stock valued at $129,949,000 after purchasing an additional 4,925,025 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Iovance Biotherapeutics by 17.8% during the 1st quarter. Wellington Management Group LLP now owns 11,288,726 shares of the biotechnology company’s stock valued at $187,957,000 after purchasing an additional 1,704,644 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Iovance Biotherapeutics by 255.4% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,952,346 shares of the biotechnology company’s stock worth $21,554,000 after acquiring an additional 1,402,975 shares during the period. Bioimpact Capital LLC bought a new position in Iovance Biotherapeutics in the 2nd quarter worth $13,248,000. Finally, C WorldWide Group Holding A S bought a new position in Iovance Biotherapeutics in the 2nd quarter worth $12,806,000. Institutional investors own 96.78% of the company’s stock.

Iovance Biotherapeutics Company Profile

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Iovance Biotherapeutics, Inc is a biopharmaceutical company, which engages in the development and commercialization of cell therapies as novel cancer immunotherapy products. Its lead product candidate, LN-144 for metastatic melanoma, is an autologous adoptive cell therapy utilizing tumor-infiltrating lymphocytes (TIL), which are T cells derived from patients’ tumors.