Zacks Research Weighs in on Iovance Biotherapeutics, Inc.’s FY2024 Earnings (NASDAQ:IOVA)

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

A number of other equities analysts also recently commented on IOVA. 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 report on Thursday, February 29th. Wells Fargo & Company lifted their price objective on shares of Iovance Biotherapeutics from $22.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, March 1st. Chardan Capital lifted their price objective on shares of Iovance Biotherapeutics from $29.00 to $34.00 and gave the stock a “buy” rating in a report on Tuesday, February 20th. Truist Financial reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Iovance Biotherapeutics in a report on Wednesday, December 27th. Finally, The Goldman Sachs Group lifted their price objective 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. One equities research analyst has rated the stock with a sell rating and ten have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.64.

Iovance Biotherapeutics Stock Performance

Shares of IOVA stock traded down $0.12 during mid-day trading on Wednesday, reaching $11.80. 3,136,879 shares of the company were exchanged, compared to its average volume of 8,879,888. Iovance Biotherapeutics has a fifty-two week low of $3.21 and a fifty-two week high of $18.33. The company has a market capitalization of $3.30 billion, a P/E ratio of -6.34 and a beta of 0.62. The business’s 50 day simple moving average is $13.70 and its 200 day simple moving average is $8.82.

Iovance Biotherapeutics (NASDAQ:IOVA) last issued its quarterly earnings data 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 business had revenue of $0.48 million for the quarter, compared to the consensus estimate of $1.44 million. During the same period last year, the business earned ($0.64) earnings per share.

Insiders Place Their Bets

In other Iovance Biotherapeutics news, Director Merrill A. Mcpeak purchased 250,000 shares of the company’s stock in a transaction on Tuesday, February 20th. The shares were purchased at an average cost of $9.15 per share, for a total transaction of $2,287,500.00. Following the completion of the transaction, the director now owns 320,150 shares in the company, valued at $2,929,372.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 10.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Iovance Biotherapeutics

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in Iovance Biotherapeutics by 3.0% during the 4th quarter. Vanguard Group Inc. now owns 22,812,820 shares of the biotechnology company’s stock valued at $185,468,000 after acquiring an additional 669,350 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Iovance Biotherapeutics by 36.5% during the 2nd quarter. BlackRock Inc. now owns 17,001,791 shares of the biotechnology company’s stock valued at $119,693,000 after buying an additional 4,545,129 shares during the last quarter. Perceptive Advisors LLC lifted its holdings in shares of Iovance Biotherapeutics by 53.8% during the 1st quarter. Perceptive Advisors LLC now owns 15,339,735 shares of the biotechnology company’s stock valued at $93,726,000 after buying an additional 5,367,955 shares during the last quarter. MHR Fund Management LLC acquired a new stake in shares of Iovance Biotherapeutics during the 4th quarter valued at about $76,661,000. Finally, State Street Corp lifted its holdings in shares of Iovance Biotherapeutics by 71.9% during the 2nd quarter. State Street Corp now owns 11,770,751 shares of the biotechnology company’s stock valued at $129,949,000 after buying an additional 4,925,025 shares during the last quarter. Hedge funds and other institutional investors own 77.03% of the company’s stock.

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.