HC Wainwright restated their buy rating on shares of Iovance Biotherapeutics (NASDAQ:IOVA) in a report issued on Friday, MarketBeat.com reports. The firm currently has a $26.00 price target on the biotechnology company’s stock, up from their previous price target of $22.00.
“Valuation and impediments to achieving price target. We reiterate our Buy rating and are increasing our price target to $26 from $22. The drivers to our valuation change include the following: (1) adjustment to base year; (2) adjustment to fully diluted share count off of today’s equity raise (negative impact); (3) adjusting our projected launch year for melanoma from 2020 to 2021; (4) including ex-U.S. projections for melanoma, maintaining same 75% chance of success as our U.S projections, and projecting a 2021 launch year and $750 million in peak sales (our U.S.”,” the firm’s analyst wrote.
Other research analysts have also issued research reports about the stock. Zacks Investment Research upgraded shares of Iovance Biotherapeutics from a hold rating to a buy rating and set a $15.00 price target on the stock in a research note on Tuesday, July 17th. Chardan Capital restated a buy rating and set a $30.00 price target on shares of Iovance Biotherapeutics in a research note on Friday, July 6th. BidaskClub upgraded shares of Iovance Biotherapeutics from a sell rating to a hold rating in a research note on Wednesday, June 27th. Finally, Citigroup increased 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. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Iovance Biotherapeutics presently has an average rating of Buy and a consensus target price of $23.39.
Shares of IOVA traded up $1.96 during mid-day trading on Friday, hitting $11.93. 10,703,431 shares of the company’s stock were exchanged, compared to its average volume of 1,125,750. Iovance Biotherapeutics has a twelve month low of $6.60 and a twelve month high of $19.90. The firm has a market cap of $1.08 billion, a price-to-earnings ratio of -8.46 and a beta of 2.72.
Iovance Biotherapeutics (NASDAQ:IOVA) last announced its quarterly earnings results on Monday, August 6th. The biotechnology company reported ($0.34) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.32) by ($0.02). Research analysts anticipate that Iovance Biotherapeutics will post -1.32 EPS for the current year.
A number of large investors have recently bought and sold shares of IOVA. Quantbot Technologies LP acquired a new position in Iovance Biotherapeutics in the 1st quarter valued at $100,000. Fred Alger Management Inc. acquired a new position in Iovance Biotherapeutics in the 2nd quarter valued at $102,000. Trexquant Investment LP acquired a new position in Iovance Biotherapeutics in the 2nd quarter valued at $129,000. Amalgamated Bank acquired a new position in Iovance Biotherapeutics in the 2nd quarter valued at $161,000. Finally, Xact Kapitalforvaltning AB acquired a new position in Iovance Biotherapeutics in the 1st quarter valued at $174,000. Institutional investors and hedge funds own 87.03% 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.
Read More: Put Option
Receive News & Ratings for Iovance Biotherapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Iovance Biotherapeutics and related companies with MarketBeat.com's FREE daily email newsletter.