The Goldman Sachs Group Cuts Iovance Biotherapeutics (NASDAQ:IOVA) Price Target to $8.00

Iovance Biotherapeutics (NASDAQ:IOVA) had its price target lowered by The Goldman Sachs Group from $16.00 to $8.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a buy rating on the biotechnology company’s stock.

A number of other research analysts have also recently issued reports on IOVA. HC Wainwright decreased their price target on shares of Iovance Biotherapeutics from $32.00 to $20.00 and set a “buy” rating for the company in a report on Friday, May 9th. JMP Securities reaffirmed a “market perform” rating on shares of Iovance Biotherapeutics in a report on Friday, May 9th. Piper Sandler decreased their price target on shares of Iovance Biotherapeutics from $7.50 to $6.00 and set a “neutral” rating for the company in a report on Friday, February 28th. Barclays decreased their price target on shares of Iovance Biotherapeutics from $5.00 to $4.00 and set an “overweight” rating for the company in a report on Monday. Finally, Mizuho decreased their price target on shares of Iovance Biotherapeutics from $30.00 to $10.00 and set an “outperform” rating for the company in a report on Monday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $14.80.

Iovance Biotherapeutics Stock Down 4.7%

NASDAQ:IOVA opened at $1.71 on Monday. Iovance Biotherapeutics has a 52 week low of $1.65 and a 52 week high of $12.51. The firm has a 50 day moving average of $3.24 and a 200 day moving average of $5.95. The stock has a market capitalization of $569.36 million, a price-to-earnings ratio of -1.14 and a beta of 1.06.

Iovance Biotherapeutics (NASDAQ:IOVA) last posted its earnings results on Thursday, May 8th. The biotechnology company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.11). The firm had revenue of $49.32 million for the quarter, compared to analysts’ expectations of $83.40 million. Iovance Biotherapeutics had a negative net margin of 451.25% and a negative return on equity of 58.43%. The company’s revenue was up 6795.1% on a year-over-year basis. During the same period in the previous year, the company earned ($0.42) EPS. As a group, analysts expect that Iovance Biotherapeutics will post -1.24 EPS for the current year.

Institutional Trading of Iovance Biotherapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IOVA. Man Group plc acquired a new stake in Iovance Biotherapeutics during the fourth quarter valued at $17,871,000. Assenagon Asset Management S.A. acquired a new stake in Iovance Biotherapeutics during the fourth quarter valued at $12,927,000. Raymond James Financial Inc. acquired a new stake in Iovance Biotherapeutics during the fourth quarter valued at $11,568,000. Principal Financial Group Inc. grew its position in Iovance Biotherapeutics by 59.0% during the third quarter. Principal Financial Group Inc. now owns 4,033,184 shares of the biotechnology company’s stock valued at $37,872,000 after buying an additional 1,496,941 shares during the period. Finally, Marshall Wace LLP acquired a new stake in Iovance Biotherapeutics during the fourth quarter valued at $8,365,000. Institutional investors and hedge funds own 77.03% of the company’s stock.

Iovance Biotherapeutics Company Profile

Iovance Biotherapeutics, Inc, a commercial-stage biotechnology company, develops and commercializes cell therapies using autologous tumor infiltrating lymphocyte for the treatment of metastatic melanoma and other solid tumor cancers in the United States. The company offers Amtagvi, a tumor-derived autologous T cell immunotherapy used to treat adult patients with unresectable or metastatic melanoma; and Proleukin, an interleukin-2 product for the treatment of patients with metastatic renal cell carcinoma.