Piper Sandler Issues Pessimistic Forecast for Iovance Biotherapeutics (NASDAQ:IOVA) Stock Price

Iovance Biotherapeutics (NASDAQ:IOVA) had its price objective cut by Piper Sandler from $10.00 to $7.50 in a research note published on Friday morning,Benzinga reports. They currently have a neutral rating on the biotechnology company’s stock.

Other research analysts have also recently issued research reports about the company. HC Wainwright reaffirmed a “buy” rating and set a $32.00 price target on shares of Iovance Biotherapeutics in a research report on Wednesday, November 6th. UBS Group began coverage on shares of Iovance Biotherapeutics in a report on Thursday, October 24th. They set a “buy” rating and a $17.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $22.69.

Iovance Biotherapeutics Stock Down 5.8 %

Shares of Iovance Biotherapeutics stock opened at $5.85 on Friday. The stock has a fifty day moving average price of $7.41 and a 200-day moving average price of $9.01. Iovance Biotherapeutics has a 1 year low of $5.57 and a 1 year high of $18.33.

Iovance Biotherapeutics (NASDAQ:IOVA) last released its earnings results on Thursday, November 7th. The biotechnology company reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.03. Iovance Biotherapeutics had a negative net margin of 451.25% and a negative return on equity of 58.43%. The firm had revenue of $58.56 million during the quarter, compared to the consensus estimate of $53.54 million. During the same period in the prior year, the firm earned ($0.46) EPS. As a group, equities research analysts expect that Iovance Biotherapeutics will post -1.23 EPS for the current year.

Insiders Place Their Bets

In other Iovance Biotherapeutics news, Director Ryan D. Maynard sold 50,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $10.06, for a total value of $503,000.00. Following the sale, the director now directly owns 7,500 shares in the company, valued at $75,450. This represents a 86.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 12.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. XML Financial LLC grew its position in Iovance Biotherapeutics by 7.4% during the third quarter. XML Financial LLC now owns 14,500 shares of the biotechnology company’s stock worth $136,000 after buying an additional 1,000 shares in the last quarter. Saturna Capital Corp boosted its position in shares of Iovance Biotherapeutics by 7.0% during the 3rd quarter. Saturna Capital Corp now owns 20,553 shares of the biotechnology company’s stock valued at $193,000 after acquiring an additional 1,353 shares during the last quarter. Exchange Traded Concepts LLC grew its holdings in shares of Iovance Biotherapeutics by 11.6% during the third quarter. Exchange Traded Concepts LLC now owns 17,071 shares of the biotechnology company’s stock worth $160,000 after purchasing an additional 1,776 shares in the last quarter. Creative Planning increased its position in shares of Iovance Biotherapeutics by 2.6% in the third quarter. Creative Planning now owns 73,489 shares of the biotechnology company’s stock worth $690,000 after purchasing an additional 1,896 shares during the last quarter. Finally, Bank Pictet & Cie Europe AG raised its stake in Iovance Biotherapeutics by 10.1% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 21,318 shares of the biotechnology company’s stock valued at $158,000 after purchasing an additional 1,950 shares in the last quarter. 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.