Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) Expected to Earn FY2024 Earnings of ($1.57) Per Share

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) – Equities researchers at Zacks Research reduced their FY2024 earnings per share estimates for Iovance Biotherapeutics in a research note issued on Monday, April 15th. Zacks Research analyst S. Ganoria now forecasts that the biotechnology company will post earnings of ($1.57) per share for the year, down from their prior forecast of ($1.56). The consensus estimate for Iovance Biotherapeutics’ current full-year earnings is ($1.40) per share.

Other analysts also recently issued research reports about the company. The Goldman Sachs Group increased their target price on Iovance Biotherapeutics from $19.00 to $21.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Wells Fargo & Company increased their target price on Iovance Biotherapeutics from $22.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, March 1st. Piper Sandler upped their price target on Iovance Biotherapeutics from $18.00 to $19.00 and gave the company an “overweight” rating in a report on Thursday, March 14th. Chardan Capital upped their price target on Iovance Biotherapeutics from $29.00 to $34.00 and gave the company a “buy” rating in a report on Tuesday, February 20th. Finally, Barclays upped their price target on Iovance Biotherapeutics from $18.00 to $22.00 and gave the company an “overweight” rating in a report on Thursday, February 29th. One analyst has rated the stock with a sell rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $24.64.

Iovance Biotherapeutics Stock Performance

IOVA opened at $11.80 on Wednesday. The company has a market cap of $3.30 billion, a PE ratio of -6.28 and a beta of 0.62. The stock has a 50-day moving average of $13.77 and a 200-day moving average of $8.84. Iovance Biotherapeutics has a 52-week low of $3.21 and a 52-week high of $18.33.

Iovance Biotherapeutics (NASDAQ:IOVA) last posted its quarterly earnings results on Wednesday, February 28th. The biotechnology company reported ($0.45) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($0.01). The company had revenue of $0.48 million during the quarter, compared to analysts’ expectations of $1.44 million. During the same quarter last year, the firm earned ($0.64) earnings per share.

Insider Transactions at Iovance Biotherapeutics

In other Iovance Biotherapeutics news, Director Merrill A. Mcpeak purchased 250,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was purchased at an average cost of $9.15 per share, with a total value of $2,287,500.00. Following the acquisition, the director now directly owns 320,150 shares of the company’s stock, valued at approximately $2,929,372.50. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 10.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Iovance Biotherapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Lazard Asset Management LLC boosted its position in Iovance Biotherapeutics by 38.5% in the 1st quarter. Lazard Asset Management LLC now owns 3,357 shares of the biotechnology company’s stock valued at $55,000 after buying an additional 934 shares during the last quarter. KBC Group NV bought a new position in Iovance Biotherapeutics in the 4th quarter valued at $37,000. ADAR1 Capital Management LLC bought a new position in Iovance Biotherapeutics in the 4th quarter valued at $41,000. MetLife Investment Management LLC bought a new position in Iovance Biotherapeutics in the 1st quarter valued at $83,000. Finally, Quadrant Capital Group LLC boosted its position in shares of Iovance Biotherapeutics by 1,227.8% in the 4th quarter. Quadrant Capital Group LLC now owns 5,059 shares of the biotechnology company’s stock worth $41,000 after purchasing an additional 4,678 shares during the last quarter. 77.03% of the stock is owned by institutional investors and hedge funds.

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.