Iovance Biotherapeutics Analysts Set Average Target Price at $10.50

Shares of Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) have received a consensus recommendation of “Hold” from analysts, as reported by MarketBeat. The consensus is based on evaluations from fifteen ratings firms, with two issuing a sell rating, seven recommending a hold, and six assigning a buy rating to the stock. The average twelve-month target price for Iovance, according to these brokers, stands at $11.00.

Recent analyst activity has influenced the stock’s outlook. On October 8, 2023, Weiss Ratings reaffirmed a “sell (e+)” rating on Iovance Biotherapeutics. Earlier, on August 8, Wells Fargo & Company revised their target price from $18.00 to $14.00, maintaining an “overweight” rating. Meanwhile, Chardan Capital adjusted its price target from $20.00 to $17.00 while issuing a “buy” rating on November 6, 2023. In a separate note, Zacks Research upgraded the stock to a “hold” rating on August 12, 2023, and Barclays increased its target from $4.00 to $9.00, also providing an “overweight” rating.

Financial Performance and Forecast

Iovance Biotherapeutics reported its quarterly earnings on November 6, 2023. The biotechnology firm posted an earnings per share (EPS) loss of ($0.25), which exceeded analysts’ expectations of ($0.29) by $0.04. The company’s revenue for the quarter was $67.46 million, falling short of the anticipated $76.20 million. Iovance recorded a negative net margin of 158.78% and a negative return on equity of 55.24%. Analysts forecast that Iovance Biotherapeutics will report an EPS of ($1.24) for the current financial year.

Institutional Investment Activity

Recent trading activity has seen several hedge funds adjust their positions in Iovance Biotherapeutics. Vanguard Group Inc. increased its stake by 0.9% in the first quarter, now holding 27,777,778 shares valued at approximately $92.5 million after acquiring an additional 243,438 shares. Another significant change occurred when Invenomic Capital Management LP boosted its holdings by 27.1% in the third quarter, bringing its ownership to 10,541,608 shares, valued at $22.87 million after purchasing an extra 2,246,945 shares.

Additionally, Long Focus Capital Management LLC expanded its holdings by 80.2% during the first quarter, now owning 9,250,055 shares worth $30.8 million after acquiring 4,118,055 shares. Palo Alto Investors LP increased its position by 122.1% in the third quarter, owning 7,618,132 shares valued at $16.53 million after purchasing an additional 4,188,803 shares. Finally, Bank of America Corp DE raised its stake by 55.8% in the third quarter, holding 6,279,230 shares now valued at $13.63 million. Overall, institutional investors and hedge funds own approximately 77.03% of Iovance Biotherapeutics.

Iovance Biotherapeutics, Inc. is a commercial-stage biotechnology firm focused on developing and commercializing cell therapies utilizing autologous tumor infiltrating lymphocytes for the treatment of metastatic melanoma and other solid tumors in the United States. The company offers Amtagvi, an autologous T cell immunotherapy for treating adult patients with unresectable or metastatic melanoma, alongside Proleukin, an interleukin-2 product aimed at treating metastatic renal cell carcinoma.