Iovance Biotherapeutics (NASDAQ:IOVA) Upgraded at The Goldman Sachs Group

Key Points

• Goldman Sachs upgraded Iovance Biotherapeutics to “strong buy,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $10.56.
• IOVA shares opened at $10.80, near their 52-week high of $10.98, after rising well above their 50-day and 200-day moving averages.
• Iovance reported better-than-expected quarterly results, including an adjusted loss of $0.11 per share versus expectations of $0.13 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) was upgraded by equities research analysts at The Goldman Sachs Group to a "strong-buy" rating in a research note issued on Thursday, Zacks reports.

Several other analysts have also commented on the company. Citizens Jmp raised their target price on Iovance Biotherapeutics from $5.00 to $8.00 and gave the stock a "market outperform" rating in a report on Friday, August 7th. UBS Group upped their price objective on shares of Iovance Biotherapeutics from $4.00 to $7.00 and gave the stock a "neutral" rating in a research report on Thursday, August 20th. Barclays raised their target price on Iovance Biotherapeutics from $13.00 to $15.00 and gave the company an "overweight" rating in a research report on Thursday, September 17th. Citigroup reiterated an "outperform" rating on shares of Iovance Biotherapeutics in a research report on Friday, August 7th. Finally, TD Cowen boosted their price objective on Iovance Biotherapeutics from $7.00 to $10.00 and gave the company a "buy" rating in a research report on Monday, August 24th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Iovance Biotherapeutics has a consensus rating of "Moderate Buy" and a consensus price target of $10.56.

Iovance Biotherapeutics Price Performance

Shares of IOVA stock opened at $10.80 on Thursday. The stock's fifty day moving average price is $7.37 and its 200 day moving average price is $5.12. Iovance Biotherapeutics has a 1-year low of $1.76 and a 1-year high of $10.98. The company has a market cap of $4.89 billion, a price-to-earnings ratio of -14.79 and a beta of 0.83.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The biotechnology company reported ($0.11) EPS for the quarter, beating analysts' consensus estimates of ($0.13) by $0.02. Iovance Biotherapeutics had a negative return on equity of 40.51% and a negative net margin of 89.11%.The company had revenue of $99.31 million during the quarter, compared to analysts' expectations of $87.83 million. During the same period last year, the business posted ($0.33) earnings per share. The firm's revenue was up 65.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Iovance Biotherapeutics will post -0.49 earnings per share for the current year.

Institutional Investors Weigh In On Iovance Biotherapeutics

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 2nd quarter. Sequoia Financial Advisors LLC now owns 32,957 shares of the biotechnology company's stock worth $137,000 after purchasing an additional 1,691 shares during the period. Tidal Investments LLC increased its position in shares of Iovance Biotherapeutics by 52.1% during the second quarter. Tidal Investments LLC now owns 280,048 shares of the biotechnology company's stock worth $1,165,000 after acquiring an additional 95,933 shares during the period. Engineers Gate Manager LP increased its stake in shares of Iovance Biotherapeutics by 76.5% during the second quarter. Engineers Gate Manager LP now owns 190,035 shares of the biotechnology company's stock worth $791,000 after buying an additional 82,338 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in shares of Iovance Biotherapeutics in the 2nd quarter valued at approximately $55,000. Finally, Baird Financial Group Inc. raised its stake in Iovance Biotherapeutics by 12.0% in the second quarter. Baird Financial Group Inc. now owns 222,340 shares of the biotechnology company's stock valued at $925,000 after buying an additional 23,800 shares in the last quarter. Hedge funds and other institutional investors 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. Its platform uses tumor-infiltrating lymphocytes (TILs), immune cells collected from a patient's tumor, expanded in a manufacturing facility and returned to the patient to help recognize and attack cancer cells.

The company'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.

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