The Goldman Sachs Group Issues Pessimistic Forecast for Iovance Biotherapeutics (NASDAQ:IOVA) Stock Price

Iovance Biotherapeutics (NASDAQ:IOVA) had its target price lowered by equities research analysts at The Goldman Sachs Group from $18.00 to $16.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. The Goldman Sachs Group’s price target would indicate a potential upside of 422.02% from the company’s current price.

Several other equities research analysts also recently weighed in on IOVA. Robert W. Baird cut their price objective on Iovance Biotherapeutics from $24.00 to $20.00 and set an “outperform” rating on the stock in a report on Friday, February 28th. Chardan Capital cut their target price on shares of Iovance Biotherapeutics from $34.00 to $30.00 and set a “buy” rating on the stock in a research report on Monday, March 3rd. Truist Financial decreased their price target on shares of Iovance Biotherapeutics from $25.00 to $15.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. HC Wainwright reissued a “buy” rating and issued a $32.00 price objective on shares of Iovance Biotherapeutics in a research note on Friday, February 28th. Finally, Barclays decreased their price target on Iovance Biotherapeutics from $22.00 to $5.00 and set an “overweight” rating for the company in a research note on Monday. One analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $18.22.

Iovance Biotherapeutics Stock Performance

Shares of NASDAQ IOVA traded down $0.01 during trading hours on Thursday, hitting $3.07. 6,911,969 shares of the stock were exchanged, compared to its average volume of 7,424,771. Iovance Biotherapeutics has a 1-year low of $2.70 and a 1-year high of $14.23. The company has a market cap of $1.00 billion, a PE ratio of -2.06 and a beta of 1.05. The company’s fifty day simple moving average is $4.04 and its two-hundred day simple moving average is $6.89.

Iovance Biotherapeutics (NASDAQ:IOVA) last issued its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.26) earnings per share (EPS) for the quarter, meeting 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 company had revenue of $73.69 million for the quarter, compared to analyst estimates of $72.17 million. As a group, sell-side analysts expect that Iovance Biotherapeutics will post -1.24 EPS for the current fiscal year.

Institutional Trading of Iovance Biotherapeutics

Several hedge funds have recently bought and sold shares of IOVA. Vanguard Group Inc. grew its holdings in shares of Iovance Biotherapeutics by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 27,534,340 shares of the biotechnology company’s stock valued at $203,754,000 after buying an additional 220,373 shares during the last quarter. Hood River Capital Management LLC raised its stake in shares of Iovance Biotherapeutics by 10.4% in the fourth quarter. Hood River Capital Management LLC now owns 8,991,573 shares of the biotechnology company’s stock worth $66,538,000 after purchasing an additional 846,936 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Iovance Biotherapeutics by 3.9% in the fourth quarter. Geode Capital Management LLC now owns 5,871,420 shares of the biotechnology company’s stock valued at $43,458,000 after purchasing an additional 222,425 shares in the last quarter. Long Focus Capital Management LLC boosted its position in shares of Iovance Biotherapeutics by 13.2% during the fourth quarter. Long Focus Capital Management LLC now owns 5,132,000 shares of the biotechnology company’s stock valued at $37,977,000 after buying an additional 600,000 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Iovance Biotherapeutics by 59.0% during the third quarter. Principal Financial Group Inc. now owns 4,033,184 shares of the biotechnology company’s stock valued at $37,872,000 after buying an additional 1,496,941 shares during the last quarter. Institutional investors and hedge funds own 77.03% of the company’s stock.

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.