Zacks Research Weighs in on Iovance Biotherapeutics, Inc.’s Q2 2023 Earnings (NASDAQ:IOVA)

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA – Get Rating) – Equities researchers at Zacks Research lowered their Q2 2023 EPS estimates for Iovance Biotherapeutics in a report issued on Tuesday, May 23rd. Zacks Research analyst S. Ganoria now forecasts that the biotechnology company will earn ($1.43) per share for the quarter, down from their prior estimate of ($0.86). The consensus estimate for Iovance Biotherapeutics’ current full-year earnings is ($2.44) per share. Zacks Research also issued estimates for Iovance Biotherapeutics’ Q3 2023 earnings at ($0.57) EPS, Q4 2023 earnings at ($0.56) EPS, FY2023 earnings at ($3.06) EPS, Q1 2024 earnings at ($0.48) EPS, Q2 2024 earnings at ($0.44) EPS, Q3 2024 earnings at ($0.37) EPS, Q4 2024 earnings at ($0.34) EPS, FY2024 earnings at ($1.62) EPS, Q1 2025 earnings at ($0.30) EPS and FY2025 earnings at ($0.90) EPS.

A number of other analysts have also issued reports on the stock. StockNews.com raised shares of Iovance Biotherapeutics from a “sell” rating to a “hold” rating in a research report on Friday, May 12th. Robert W. Baird increased their target price on shares of Iovance Biotherapeutics from $20.00 to $23.00 in a research report on Tuesday. Wells Fargo & Company reissued an “equal weight” rating and set a $11.00 target price on shares of Iovance Biotherapeutics in a research note on Monday, March 27th. HC Wainwright reaffirmed a “buy” rating and issued a $38.00 price target on shares of Iovance Biotherapeutics in a research note on Wednesday, March 1st. Finally, Oppenheimer cut their price objective on Iovance Biotherapeutics from $25.00 to $15.00 and set an “outperform” rating for the company in a report on Wednesday, March 1st. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $18.00.

Iovance Biotherapeutics Stock Down 1.8 %

IOVA opened at $7.55 on Friday. The firm has a market capitalization of $1.69 billion, a P/E ratio of -3.15 and a beta of 0.20. Iovance Biotherapeutics has a 12-month low of $5.28 and a 12-month high of $13.44. The stock has a fifty day moving average of $6.46 and a 200-day moving average of $6.76.

Iovance Biotherapeutics (NASDAQ:IOVA – Get Rating) last issued its quarterly earnings results on Tuesday, May 9th. The biotechnology company reported ($0.50) EPS for the quarter, beating the consensus estimate of ($0.84) by $0.34. During the same quarter in the previous year, the company posted ($0.58) earnings per share.

Hedge Funds Weigh In On Iovance Biotherapeutics

A number of institutional investors have recently modified their holdings of IOVA. Lazard Asset Management LLC increased its stake in Iovance Biotherapeutics by 38.5% during the first 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. increased its position in shares of Iovance Biotherapeutics by 3.7% during the first quarter. Baird Financial Group Inc. now owns 27,545 shares of the biotechnology company’s stock valued at $459,000 after purchasing an additional 995 shares during the period. Arizona State Retirement System raised its stake in shares of Iovance Biotherapeutics by 4.3% in the fourth quarter. Arizona State Retirement System now owns 33,395 shares of the biotechnology company’s stock valued at $213,000 after purchasing an additional 1,362 shares in the last quarter. American Century Companies Inc. lifted its position in Iovance Biotherapeutics by 0.5% in the first quarter. American Century Companies Inc. now owns 319,310 shares of the biotechnology company’s stock worth $1,951,000 after purchasing an additional 1,649 shares during the period. Finally, Macquarie Group Ltd. increased its holdings in Iovance Biotherapeutics by 2.7% in the 2nd quarter. Macquarie Group Ltd. now owns 66,393 shares of the biotechnology company’s stock valued at $733,000 after buying an additional 1,721 shares during the period. Institutional investors own 96.78% of the company’s stock.

Iovance Biotherapeutics Company Profile

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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.