The Goldman Sachs Group Cuts Iovance Biotherapeutics (NASDAQ:IOVA) Price Target to $19.00

Iovance Biotherapeutics (NASDAQ:IOVA) had its price objective reduced by stock analysts at The Goldman Sachs Group from $22.00 to $19.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. The Goldman Sachs Group’s price objective suggests a potential upside of 362.85% from the company’s current price.

Other analysts have also issued research reports about the stock. HC Wainwright reiterated a “buy” rating and issued a $32.00 target price on shares of Iovance Biotherapeutics in a research report on Friday. Chardan Capital lowered their price objective on Iovance Biotherapeutics from $34.00 to $30.00 and set a “buy” rating on the stock in a report on Monday. Robert W. Baird cut their price objective on Iovance Biotherapeutics from $24.00 to $20.00 and set an “outperform” rating for the company in a research note on Friday. Finally, Piper Sandler decreased their target price on Iovance Biotherapeutics from $7.50 to $6.00 and set a “neutral” rating on the stock in a research report on Friday. One analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $21.00.

Iovance Biotherapeutics Price Performance

IOVA stock traded down $0.14 during mid-day trading on Monday, reaching $4.11. 2,723,914 shares of the company’s stock were exchanged, compared to its average volume of 9,449,897. Iovance Biotherapeutics has a 12-month low of $3.62 and a 12-month high of $18.24. The stock’s 50 day moving average is $6.21 and its 200 day moving average is $8.55. The company has a market cap of $1.25 billion, a price-to-earnings ratio of -2.74 and a beta of 0.53.

Iovance Biotherapeutics (NASDAQ:IOVA) last announced its earnings results on Thursday, February 27th. The biotechnology company reported ($0.26) earnings per share for the quarter, hitting the consensus estimate of ($0.26). Iovance Biotherapeutics had a negative return on equity of 58.43% and a negative net margin of 451.25%. The business had revenue of $73.69 million during the quarter, compared to the consensus estimate of $72.17 million. On average, research analysts forecast that Iovance Biotherapeutics will post -1.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of IOVA. AlphaQuest LLC grew its position in shares of Iovance Biotherapeutics by 63.6% in the fourth quarter. AlphaQuest LLC now owns 4,613 shares of the biotechnology company’s stock valued at $34,000 after purchasing an additional 1,794 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in Iovance Biotherapeutics during the fourth quarter worth $36,000. GF Fund Management CO. LTD. acquired a new position in Iovance Biotherapeutics during the fourth quarter worth $47,000. One68 Global Capital LLC purchased a new stake in Iovance Biotherapeutics in the 4th quarter valued at $74,000. Finally, Quarry LP purchased a new stake in shares of Iovance Biotherapeutics in the fourth quarter valued at about $74,000. 77.03% of the stock is owned by hedge funds and other institutional investors.

About Iovance Biotherapeutics

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.