Zacks Research Analysts Lower Earnings Estimates for Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) – Research analysts at Zacks Research lowered their FY2024 EPS estimates for shares of Iovance Biotherapeutics in a report released on Monday, April 15th. Zacks Research analyst S. Ganoria now forecasts that the biotechnology company will post earnings per share of ($1.57) for the year, down from their previous estimate of ($1.56). The consensus estimate for Iovance Biotherapeutics’ current full-year earnings is ($1.40) per share.

Iovance Biotherapeutics (NASDAQ:IOVA) last issued its earnings results on Wednesday, February 28th. The biotechnology company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($0.01). The firm had revenue of $0.48 million for the quarter, compared to the consensus estimate of $1.44 million. During the same quarter in the previous year, the business earned ($0.64) earnings per share.

Several other research analysts have also weighed in on the stock. Barclays lifted their price objective on shares of Iovance Biotherapeutics from $18.00 to $22.00 and gave the stock an “overweight” rating in a research note on Thursday, February 29th. HC Wainwright reissued a “buy” rating and set a $32.00 price objective on shares of Iovance Biotherapeutics in a research note on Thursday, February 29th. Truist Financial reissued a “buy” rating and set a $17.00 price objective on shares of Iovance Biotherapeutics in a research note on Wednesday, December 27th. The Goldman Sachs Group raised their target price on shares of Iovance Biotherapeutics from $19.00 to $21.00 and gave the stock a “buy” rating in a report on Thursday, February 29th. Finally, JMP Securities raised their target price on shares of Iovance Biotherapeutics from $18.00 to $25.00 and gave the stock a “market outperform” rating in a report on Tuesday, February 20th. One analyst has rated the stock with a sell rating and ten have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $24.64.

Iovance Biotherapeutics Price Performance

Iovance Biotherapeutics stock opened at $11.72 on Wednesday. The company’s 50 day simple moving average is $13.83 and its 200 day simple moving average is $8.86. Iovance Biotherapeutics has a fifty-two week low of $3.21 and a fifty-two week high of $18.33. The firm has a market capitalization of $3.27 billion, a price-to-earnings ratio of -6.23 and a beta of 0.62.

Insiders Place Their Bets

In other Iovance Biotherapeutics news, Director Merrill A. Mcpeak acquired 250,000 shares of the stock in a transaction dated Tuesday, February 20th. The shares were bought at an average cost of $9.15 per share, for a total transaction of $2,287,500.00. Following the completion of the acquisition, the director now directly owns 320,150 shares of the company’s stock, valued at $2,929,372.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 10.40% of the company’s stock.

Institutional Trading of Iovance Biotherapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in IOVA. MHR Fund Management LLC acquired a new stake in shares of Iovance Biotherapeutics in the fourth quarter valued at approximately $76,661,000. Perceptive Advisors LLC raised its holdings in shares of Iovance Biotherapeutics by 53.8% in the first quarter. Perceptive Advisors LLC now owns 15,339,735 shares of the biotechnology company’s stock valued at $93,726,000 after purchasing an additional 5,367,955 shares during the last quarter. State Street Corp increased its holdings in Iovance Biotherapeutics by 71.9% during the second quarter. State Street Corp now owns 11,770,751 shares of the biotechnology company’s stock worth $129,949,000 after buying an additional 4,925,025 shares during the last quarter. BlackRock Inc. increased its holdings in Iovance Biotherapeutics by 36.5% during the second quarter. BlackRock Inc. now owns 17,001,791 shares of the biotechnology company’s stock worth $119,693,000 after buying an additional 4,545,129 shares during the last quarter. Finally, Morgan Stanley increased its holdings in Iovance Biotherapeutics by 374.2% during the fourth quarter. Morgan Stanley now owns 4,969,869 shares of the biotechnology company’s stock worth $31,757,000 after buying an additional 3,921,869 shares during the last quarter. 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.