Iovance Biotherapeutics (NASDAQ:IOVA) Stock Price Target Raised at UBS Group

Key Points

• UBS Group raised Iovance Biotherapeutics’ price target from $7 to $8 while maintaining a neutral rating, implying 7.47% downside from the previous close.
• Analyst sentiment is more positive overall, with a consensus rating of “Moderate Buy” and an average price target of $13.30; targets from other firms range as high as $18.
• Iovance shares rose 7.8% to $8.65, while the company reported better-than-expected quarterly results, including an adjusted loss of $0.11 per share versus estimates of $0.13 and revenue of $99.31 million.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) had its price objective raised by investment analysts at UBS Group from $7.00 to $8.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has a "neutral" rating on the biotechnology company's stock. UBS Group's target price suggests a potential downside of 7.47% from the company's previous close.

A number of other research firms also recently commented on IOVA. Mizuho increased their price objective on Iovance Biotherapeutics from $10.00 to $11.00 and gave the stock an "outperform" rating in a report on Tuesday, August 18th. The Goldman Sachs Group assumed coverage on Iovance Biotherapeutics in a report on Thursday, September 24th. They issued a "buy" rating and a $15.00 target price on the stock. Wells Fargo & Company boosted their price objective on shares of Iovance Biotherapeutics from $14.00 to $18.00 and gave the stock an "overweight" rating in a report on Wednesday, September 30th. Citigroup restated an "outperform" rating on shares of Iovance Biotherapeutics in a research note on Friday, August 7th. Finally, Barclays upped their price objective on Iovance Biotherapeutics from $15.00 to $18.00 and gave the company an "overweight" rating in a research note on Tuesday, October 13th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $13.30.

Iovance Biotherapeutics Stock Up 7.8%

Shares of IOVA traded up $0.63 during mid-day trading on Tuesday, reaching $8.65. The company's stock had a trading volume of 4,111,902 shares, compared to its average volume of 15,748,819. The business has a fifty day moving average of $11.37 and a 200 day moving average of $5.85. The company has a market cap of $3.92 billion, a price-to-earnings ratio of -11.77 and a beta of 0.76. Iovance Biotherapeutics has a 1 year low of $1.76 and a 1 year high of $15.37.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The biotechnology company reported ($0.11) EPS for the quarter, topping analysts' consensus estimates of ($0.13) by $0.02. The firm had revenue of $99.31 million during the quarter, compared to analyst estimates of $87.83 million. Iovance Biotherapeutics had a negative return on equity of 40.51% and a negative net margin of 89.11%. The business's quarterly revenue was up 65.7% compared to the same quarter last year. During the same period last year, the company posted ($0.33) EPS. On average, analysts predict that Iovance Biotherapeutics will post -0.45 earnings per share for the current year.

Hedge Funds Weigh In On Iovance Biotherapeutics

Institutional investors have recently bought and sold shares of the business. Kestra Advisory Services LLC raised its holdings in Iovance Biotherapeutics by 25.2% during the 3rd quarter. Kestra Advisory Services LLC now owns 42,150 shares of the biotechnology company's stock worth $625,000 after purchasing an additional 8,483 shares during the last quarter. Pathway Financial Advisers LLC acquired a new position in Iovance Biotherapeutics during the 3rd quarter valued at about $427,000. Compass Financial Management LLC bought a new position in shares of Iovance Biotherapeutics in the 3rd quarter valued at about $37,000. Provenance Wealth Advisors LLC bought a new position in shares of Iovance Biotherapeutics in the 3rd quarter valued at about $61,000. Finally, IPG Investment Advisors LLC bought a new position in shares of Iovance Biotherapeutics in the 3rd quarter valued at about $593,000. Institutional investors own 77.03% of the company's stock.

About Iovance Biotherapeutics

Iovance Biotherapeutics, Inc NASDAQ: IOVA is a biotechnology company focused on developing and commercializing personalized cell therapies for patients with cancer. Its technology is based on tumor-infiltrating lymphocytes (TILs), immune cells collected from a patient's tumor, expanded outside the body, and reinfused to help attack cancer cells.

The company's lead product, Amtagvi (lifileucel), is an autologous TIL therapy approved in the United States for certain adults with unresectable or metastatic melanoma that has progressed following prior treatment.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.