Iovance Biotherapeutics (NASDAQ:IOVA) Given New $17.00 Price Target at Truist Financial

Iovance Biotherapeutics (NASDAQ:IOVAGet Rating) had its price target hoisted by Truist Financial from $16.00 to $17.00 in a research report report published on Tuesday morning, The Fly reports. Truist Financial currently has a buy rating on the biotechnology company’s stock.

A number of other equities research analysts have also commented on the company. Piper Sandler lowered their price target on Iovance Biotherapeutics from $13.00 to $11.00 and set a neutral rating for the company in a research report on Sunday, November 20th. Oppenheimer dropped their price target on Iovance Biotherapeutics from $27.00 to $25.00 in a research report on Friday, November 18th. Benchmark downgraded Iovance Biotherapeutics to a neutral rating and lowered their price objective for the company from $20.00 to $6.00 in a research report on Friday, December 9th. The Goldman Sachs Group cut Iovance Biotherapeutics from a buy rating to a neutral rating and reduced their price target for the stock from $20.00 to $6.00 in a research note on Thursday, December 8th. Finally, StockNews.com began coverage on Iovance Biotherapeutics in a research note on Wednesday, October 12th. They issued a sell rating on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Hold and an average price target of $19.73.

Iovance Biotherapeutics Trading Up 9.9 %

NASDAQ:IOVA opened at $7.69 on Tuesday. The stock has a market cap of $1.21 billion, a P/E ratio of -3.11 and a beta of 0.38. The stock’s 50-day moving average is $6.47 and its 200-day moving average is $9.17. Iovance Biotherapeutics has a 1-year low of $5.42 and a 1-year high of $18.73.

Iovance Biotherapeutics (NASDAQ:IOVAGet Rating) last issued its quarterly earnings results on Thursday, November 3rd. The biotechnology company reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.64) by $0.01. As a group, equities analysts forecast that Iovance Biotherapeutics will post -2.5 EPS for the current year.

Insiders Place Their Bets

In related news, Director Wayne P. Rothbaum purchased 10,000,000 shares of the company’s stock in a transaction dated Friday, December 2nd. The stock was acquired at an average cost of $6.50 per share, for a total transaction of $65,000,000.00. Following the completion of the transaction, the director now directly owns 18,067,333 shares of the company’s stock, valued at $117,437,664.50. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Wayne P. Rothbaum acquired 10,000,000 shares of Iovance Biotherapeutics stock in a transaction dated Friday, December 2nd. The shares were acquired at an average cost of $6.50 per share, for a total transaction of $65,000,000.00. Following the completion of the purchase, the director now owns 18,067,333 shares in the company, valued at $117,437,664.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Iain D. Dukes bought 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 23rd. The stock was acquired at an average cost of $6.10 per share, for a total transaction of $61,000.00. Following the acquisition, the director now directly owns 22,000 shares of the company’s stock, valued at $134,200. The disclosure for this purchase can be found here. In the last three months, insiders bought 10,031,000 shares of company stock worth $65,190,280. Corporate insiders own 7.60% of the company’s stock.

Institutional Investors Weigh In On Iovance Biotherapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Lazard Asset Management LLC lifted its position in shares of Iovance Biotherapeutics by 38.5% during the 1st quarter. Lazard Asset Management LLC now owns 3,357 shares of the biotechnology company’s stock valued at $55,000 after acquiring an additional 934 shares during the period. Baird Financial Group Inc. lifted its holdings in shares of Iovance Biotherapeutics by 3.7% during the 1st quarter. Baird Financial Group Inc. now owns 27,545 shares of the biotechnology company’s stock valued at $459,000 after acquiring an additional 995 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its holdings in shares of Iovance Biotherapeutics by 7.3% during the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 16,925 shares of the biotechnology company’s stock valued at $162,000 after acquiring an additional 1,149 shares in the last quarter. Chartwell Investment Partners LLC lifted its holdings in shares of Iovance Biotherapeutics by 3.6% during the 3rd quarter. Chartwell Investment Partners LLC now owns 46,672 shares of the biotechnology company’s stock valued at $447,000 after acquiring an additional 1,635 shares in the last quarter. Finally, Macquarie Group Ltd. lifted its holdings in shares of Iovance Biotherapeutics by 2.7% during the 2nd quarter. Macquarie Group Ltd. now owns 66,393 shares of the biotechnology company’s stock valued at $733,000 after acquiring an additional 1,721 shares in the last quarter. 96.78% of the stock is currently owned by institutional investors and hedge funds.

About Iovance Biotherapeutics

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Iovance Biotherapeutics, Inc is a biopharmaceutical company, which engages in the development and commercialization of cell therapies as novel cancer immunotherapy products. Its lead product candidate, LN-144 for metastatic melanoma, is an autologous adoptive cell therapy utilizing tumor-infiltrating lymphocytes (TIL), which are T cells derived from patients’ tumors.

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