Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) have been assigned an average recommendation of “Buy” from the ten ratings firms that are covering the company, MarketBeat Ratings reports. Ten research analysts have rated the stock with a buy recommendation. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $24.64.

IOVA has been the topic of several analyst reports. Chardan Capital lifted their price target on shares of Iovance Biotherapeutics from $29.00 to $34.00 and gave the company a “buy” rating in a research report on Tuesday, February 20th. HC Wainwright reissued a “buy” rating and issued a $32.00 target price on shares of Iovance Biotherapeutics in a research report on Thursday, February 29th. Barclays boosted their target price on Iovance Biotherapeutics from $18.00 to $22.00 and gave the company an “overweight” rating in a research report on Thursday, February 29th. Wells Fargo & Company boosted their target price on Iovance Biotherapeutics from $22.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday, March 1st. Finally, Piper Sandler boosted their target price on Iovance Biotherapeutics from $18.00 to $19.00 and gave the company an “overweight” rating in a research report on Thursday, March 14th.

Iovance Biotherapeutics Price Performance

Shares of Iovance Biotherapeutics stock opened at $11.64 on Friday. The stock has a market cap of $3.25 billion, a P/E ratio of -6.19 and a beta of 0.62. The stock’s 50 day simple moving average is $14.04 and its 200-day simple moving average is $9.11. Iovance Biotherapeutics has a 1-year low of $3.21 and a 1-year high of $18.33.

Iovance Biotherapeutics (NASDAQ:IOVA) last released its quarterly earnings results on Wednesday, February 28th. The biotechnology company reported ($0.45) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.01). The firm had revenue of $0.48 million for the quarter, compared to analysts’ expectations of $1.44 million. During the same quarter in the previous year, the firm posted ($0.64) earnings per share. As a group, research analysts expect that Iovance Biotherapeutics will post -1.4 EPS for the current fiscal year.

Insiders Place Their Bets

In other Iovance Biotherapeutics news, Director Merrill A. Mcpeak purchased 250,000 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was acquired at an average price of $9.15 per share, for a total transaction of $2,287,500.00. Following the completion of the purchase, the director now directly owns 320,150 shares in the company, valued at approximately $2,929,372.50. The purchase was disclosed in a filing with the SEC, which is available through this link. Insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On Iovance Biotherapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Diversified Trust Co grew its stake in shares of Iovance Biotherapeutics by 12.3% during the fourth quarter. Diversified Trust Co now owns 13,512 shares of the biotechnology company’s stock worth $110,000 after purchasing an additional 1,481 shares in the last quarter. Pale Fire Capital SE grew its stake in shares of Iovance Biotherapeutics by 12.7% during the fourth quarter. Pale Fire Capital SE now owns 17,024 shares of the biotechnology company’s stock worth $138,000 after purchasing an additional 1,924 shares in the last quarter. Chicago Partners Investment Group LLC grew its stake in shares of Iovance Biotherapeutics by 15.0% during the fourth quarter. Chicago Partners Investment Group LLC now owns 20,559 shares of the biotechnology company’s stock worth $157,000 after purchasing an additional 2,688 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its stake in shares of Iovance Biotherapeutics by 116.0% during the third quarter. China Universal Asset Management Co. Ltd. now owns 6,356 shares of the biotechnology company’s stock worth $29,000 after purchasing an additional 3,414 shares in the last quarter. Finally, Exchange Traded Concepts LLC grew its stake in shares of Iovance Biotherapeutics by 23.5% during the third quarter. Exchange Traded Concepts LLC now owns 19,857 shares of the biotechnology company’s stock worth $90,000 after purchasing an additional 3,777 shares in the last quarter. 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.