Iovance Biotherapeutics (NASDAQ:IOVA)‘s stock had its “buy” rating restated by HC Wainwright in a report issued on Monday, November 12th. They presently have a $26.00 price objective on the biotechnology company’s stock. HC Wainwright’s price target points to a potential upside of 162.63% from the stock’s previous close.
The analysts wrote, “Valuation and impediments to achieving price target. We reiterate our Buy rating and price target of $26. Our target is based on our clinical net present value (NPV) model, which derives its primary value from LN-144 for metastatic melanoma currently. This model allows us to flex multiple assumptions affecting a drug’s potential commercial profile. Factors which could impede reaching our price target include failed or inconclusive clinical trials or inability of the company to secure adequate funding to progress its drugs through the development pathway.””
Several other brokerages have also weighed in on IOVA. Zacks Investment Research lowered shares of Iovance Biotherapeutics from a “buy” rating to a “hold” rating in a research note on Wednesday, July 18th. BidaskClub lowered shares of Iovance Biotherapeutics from a “hold” rating to a “sell” rating in a research note on Friday, September 28th. ValuEngine lowered shares of Iovance Biotherapeutics from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, November 6th. Cowen reiterated a “buy” rating on shares of Iovance Biotherapeutics in a research note on Tuesday, November 6th. Finally, Citigroup lifted their price target on shares of Iovance Biotherapeutics from $22.00 to $25.00 and gave the stock an “outperform” rating in a research note on Friday, October 12th. One investment analyst has rated the stock with a sell rating and ten have assigned a buy rating to the stock. Iovance Biotherapeutics presently has a consensus rating of “Buy” and an average price target of $23.75.
IOVA traded down $0.54 during midday trading on Monday, hitting $9.90. 3,154,584 shares of the company traded hands, compared to its average volume of 1,204,399. The company has a market cap of $1.19 billion, a price-to-earnings ratio of -7.02 and a beta of 2.74. Iovance Biotherapeutics has a 52-week low of $7.85 and a 52-week high of $19.90.
Iovance Biotherapeutics (NASDAQ:IOVA) last released its quarterly earnings data on Tuesday, November 6th. The biotechnology company reported ($0.36) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.33) by ($0.03). As a group, sell-side analysts expect that Iovance Biotherapeutics will post -1.29 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of IOVA. Fred Alger Management Inc. purchased a new stake in shares of Iovance Biotherapeutics during the 2nd quarter worth $102,000. Trexquant Investment LP purchased a new stake in shares of Iovance Biotherapeutics in the 2nd quarter worth about $129,000. Amalgamated Bank purchased a new stake in shares of Iovance Biotherapeutics in the 2nd quarter worth about $161,000. Xact Kapitalforvaltning AB purchased a new stake in shares of Iovance Biotherapeutics in the 1st quarter worth about $174,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Iovance Biotherapeutics by 61.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,918 shares of the biotechnology company’s stock worth $178,000 after buying an additional 5,318 shares in the last quarter. Institutional investors own 73.46% of the company’s stock.
Iovance Biotherapeutics Company Profile
Iovance Biotherapeutics, Inc, a clinical-stage biotechnology company, focuses on developing and commercializing cancer immunotherapy products to harness the power of a patient's immune system to eradicate cancer cells. The company's lead product candidate is LN-144, an adoptive cell therapy that is in Phase II clinical trial using tumor-infiltrating lymphocytes (TIL), which are T cells derived from patients' tumors for the treatment of metastatic melanoma.
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