Iovance Biotherapeutics (NASDAQ:IOVA) Price Target Cut to $20.00 by Analysts at Robert W. Baird

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

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

Iovance Biotherapeutics Stock Down 19.4 %

Shares of NASDAQ:IOVA opened at $4.24 on Friday. Iovance Biotherapeutics has a fifty-two week low of $3.62 and a fifty-two week high of $18.24. The firm’s 50-day simple moving average is $6.27 and its 200-day simple moving average is $8.62. The company has a market cap of $1.29 billion, a price-to-earnings ratio of -2.85 and a beta of 0.53.

Iovance Biotherapeutics (NASDAQ:IOVA) last announced its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.26) EPS for the quarter, meeting analysts’ consensus estimates of ($0.26). Iovance Biotherapeutics had a negative net margin of 451.25% and a negative return on equity of 58.43%. The firm had revenue of $73.69 million during the quarter, compared to the consensus estimate of $72.17 million. On average, research analysts forecast that Iovance Biotherapeutics will post -1.24 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Iovance Biotherapeutics by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 27,534,340 shares of the biotechnology company’s stock valued at $203,754,000 after acquiring an additional 220,373 shares during the last quarter. State Street Corp grew its position in shares of Iovance Biotherapeutics by 4.6% in the third quarter. State Street Corp now owns 13,201,978 shares of the biotechnology company’s stock valued at $123,967,000 after purchasing an additional 576,801 shares during the last quarter. Hood River Capital Management LLC increased its stake in shares of Iovance Biotherapeutics by 10.4% during the 4th quarter. Hood River Capital Management LLC now owns 8,991,573 shares of the biotechnology company’s stock worth $66,538,000 after purchasing an additional 846,936 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Iovance Biotherapeutics by 3.9% during the 4th quarter. Geode Capital Management LLC now owns 5,871,420 shares of the biotechnology company’s stock worth $43,458,000 after purchasing an additional 222,425 shares during the last quarter. Finally, Long Focus Capital Management LLC raised its position in shares of Iovance Biotherapeutics by 13.2% during the 4th quarter. Long Focus Capital Management LLC now owns 5,132,000 shares of the biotechnology company’s stock worth $37,977,000 after purchasing an additional 600,000 shares during 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.