HC Wainwright Reaffirms Buy Rating for Iovance Biotherapeutics (NASDAQ:IOVA)

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report)'s stock had its "buy" rating reiterated by HC Wainwright in a report released on Wednesday, Benzinga reports. They currently have a $32.00 price objective on the biotechnology company's stock. HC Wainwright's target price indicates a potential upside of 163.59% from the stock's previous close.

IOVA has been the topic of a number of other research reports. Piper Sandler lowered Iovance Biotherapeutics from an "overweight" rating to a "neutral" rating and dropped their price target for the stock from $19.00 to $10.00 in a research report on Monday, July 29th. UBS Group started coverage on shares of Iovance Biotherapeutics in a research note on Thursday, October 24th. They issued a "buy" rating and a $17.00 target price for the company. Finally, StockNews.com upgraded Iovance Biotherapeutics to a "sell" rating in a report on Monday, August 12th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $22.33.

Iovance Biotherapeutics Stock Performance

NASDAQ:IOVA traded up $0.48 on Wednesday, hitting $12.14. 8,773,552 shares of the stock were exchanged, compared to its average volume of 7,111,991. Iovance Biotherapeutics has a 52 week low of $3.76 and a 52 week high of $18.33. The stock has a market capitalization of $3.40 billion, a price-to-earnings ratio of -7.27 and a beta of 0.60. The company's 50-day moving average price is $10.19 and its 200 day moving average price is $9.82.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The biotechnology company reported ($0.34) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.35) by $0.01. Iovance Biotherapeutics had a negative return on equity of 65.04% and a negative net margin of 1,343.27%. The business had revenue of $31.11 million for the quarter, compared to analyst estimates of $24.59 million. During the same period last year, the company earned ($0.47) EPS. The firm's revenue was up 12969.7% on a year-over-year basis. As a group, equities research analysts predict that Iovance Biotherapeutics will post -1.26 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. ORG Partners LLC bought a new position in shares of Iovance Biotherapeutics in the second quarter worth about $32,000. Quest Partners LLC boosted its position in Iovance Biotherapeutics by 1,237.7% in the second quarter. Quest Partners LLC now owns 5,003 shares of the biotechnology company's stock valued at $40,000 after buying an additional 4,629 shares in the last quarter. EverSource Wealth Advisors LLC bought a new stake in shares of Iovance Biotherapeutics during the second quarter worth $58,000. Daiwa Securities Group Inc. increased its holdings in shares of Iovance Biotherapeutics by 754.0% during the second quarter. Daiwa Securities Group Inc. now owns 8,813 shares of the biotechnology company's stock worth $71,000 after buying an additional 7,781 shares in the last quarter. Finally, Abacus Planning Group Inc. bought a new position in shares of Iovance Biotherapeutics in the 2nd quarter valued at $82,000. 77.03% of the stock is currently owned by institutional investors and hedge funds.

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.