Iovance Biotherapeutics (NASDAQ:IOVA) Stock Gets Price Target Increase from Robert W. Baird

Key Points

• Robert W. Baird raised Iovance Biotherapeutics’ price target from $6 to $11 while maintaining a “neutral” rating, implying 14.79% downside from the prior close.
• Analyst sentiment is broadly positive: nine analysts rate the stock “Buy,” three “Hold,” and one “Sell,” producing a “Moderate Buy” consensus and an average price target of $12.90.
• Iovance reported better-than-expected quarterly results, with an adjusted loss of $0.11 per share and revenue of $99.31 million, up 65.7% year over year; institutional investors own 77.03% of the stock.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) had its price target hoisted by Robert W. Baird from $6.00 to $11.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a "neutral" rating on the biotechnology company's stock. Robert W. Baird's price target would indicate a potential downside of 14.79% from the company's previous close.

Several other research firms have also recently weighed in on IOVA. The Goldman Sachs Group started coverage on shares of Iovance Biotherapeutics in a research note on Thursday, September 24th. They issued a "buy" rating and a $15.00 price target for the company. Wells Fargo & Company upped their price objective on Iovance Biotherapeutics from $14.00 to $18.00 and gave the company an "overweight" rating in a report on Wednesday, September 30th. TD Cowen upped their price objective on shares of Iovance Biotherapeutics from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Monday, August 24th. Mizuho lifted their target price on Iovance Biotherapeutics from $10.00 to $11.00 and gave the company an "outperform" rating in a research report on Tuesday, August 18th. Finally, Citigroup reaffirmed an "outperform" rating on shares of Iovance Biotherapeutics in a research report on Friday, August 7th. Nine research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $12.90.

Iovance Biotherapeutics Stock Down 0.4%

Shares of IOVA opened at $12.91 on Thursday. Iovance Biotherapeutics has a 52-week low of $1.76 and a 52-week high of $15.30. The company has a market capitalization of $5.85 billion, a PE ratio of -17.68 and a beta of 0.76. The stock has a fifty day simple moving average of $8.86 and a two-hundred day simple moving average of $5.69.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The biotechnology company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.02. Iovance Biotherapeutics had a negative net margin of 89.11% and a negative return on equity of 40.51%. The firm had revenue of $99.31 million for the quarter, compared to analysts' expectations of $87.83 million. During the same quarter in the previous year, the company posted ($0.33) EPS. The company's revenue was up 65.7% compared to the same quarter last year. As a group, equities analysts anticipate that Iovance Biotherapeutics will post -0.45 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iovance Biotherapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Sequoia Financial Advisors LLC grew its holdings in shares of Iovance Biotherapeutics by 5.4% during the second quarter. Sequoia Financial Advisors LLC now owns 32,957 shares of the biotechnology company's stock worth $137,000 after buying an additional 1,691 shares in the last quarter. Tidal Investments LLC grew its position in Iovance Biotherapeutics by 52.1% during the second quarter. Tidal Investments LLC now owns 280,048 shares of the biotechnology company's stock valued at $1,165,000 after acquiring an additional 95,933 shares during the period. Engineers Gate Manager LP increased its position in Iovance Biotherapeutics by 76.5% during the 2nd quarter. Engineers Gate Manager LP now owns 190,035 shares of the biotechnology company's stock worth $791,000 after purchasing an additional 82,338 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Iovance Biotherapeutics during the 2nd quarter valued at $55,000. Finally, Baird Financial Group Inc. lifted its stake in shares of Iovance Biotherapeutics by 12.0% during the second quarter. Baird Financial Group Inc. now owns 222,340 shares of the biotechnology company's stock worth $925,000 after purchasing an additional 23,800 shares in the last quarter. Institutional investors and hedge funds own 77.03% of the company's stock.

Iovance Biotherapeutics Company Profile

Iovance Biotherapeutics, Inc is a biotechnology company focused on developing and commercializing individualized cell therapies for patients with cancer. The company's platform uses tumor-infiltrating lymphocytes (TILs), immune cells collected from a patient's tumor, expanded in a manufacturing facility and reinfused to help the immune system recognize and attack cancer cells.

Iovance's lead product, Amtagvi (lifileucel), is an autologous TIL therapy approved by the U.S. Food and Drug Administration for certain adults with unresectable or metastatic melanoma that has progressed following prior treatment with a PD-1-blocking antibody and, when applicable, a BRAF-targeted therapy.

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