Iovance Biotherapeutics (IOVA) Upgraded by Zacks Investment Research to Buy

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Iovance Biotherapeutics (NASDAQ:IOVA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm presently has a $12.00 price objective on the biotechnology company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 9.89% from the stock’s current price.

According to Zacks, “Iovance Biotherapeutics, Inc. is a biopharmaceutical company. It focused on the development and commercialization of cancer immunotherapy products designed to harness the power of a patient’s own immune system to eradicate cancer cells. Iovance Biotherapeutics Inc., formerly known as Lion Biotechnologies Inc., is based in SAN CARLOS, United States. “

A number of other brokerages have also issued reports on IOVA. HC Wainwright reissued a “buy” rating and set a $22.00 target price on shares of Iovance Biotherapeutics in a research note on Tuesday, September 25th. Chardan Capital reissued a “buy” rating and set a $30.00 target price on shares of Iovance Biotherapeutics in a research note on Friday, July 6th. BidaskClub lowered shares of Iovance Biotherapeutics from a “hold” rating to a “sell” rating in a research note on Friday, September 28th. Finally, Citigroup lifted their target price on shares of Iovance Biotherapeutics from $22.00 to $25.00 and gave the company an “outperform” rating in a research note on Friday, October 12th. One research analyst has rated the stock with a sell rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $23.06.

Shares of NASDAQ:IOVA opened at $10.92 on Wednesday. The firm has a market cap of $1.08 billion, a price-to-earnings ratio of -7.72 and a beta of 2.72. Iovance Biotherapeutics has a 12-month low of $6.60 and a 12-month high of $19.90.

Iovance Biotherapeutics (NASDAQ:IOVA) last issued its earnings results on Monday, August 6th. The biotechnology company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.02). Equities research analysts expect that Iovance Biotherapeutics will post -1.32 earnings per share for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the company. RA Capital Management LLC raised its holdings in shares of Iovance Biotherapeutics by 70.1% during the 2nd quarter. RA Capital Management LLC now owns 1,121,153 shares of the biotechnology company’s stock valued at $14,351,000 after purchasing an additional 462,094 shares in the last quarter. TD Asset Management Inc. raised its holdings in shares of Iovance Biotherapeutics by 29.3% during the 2nd quarter. TD Asset Management Inc. now owns 98,800 shares of the biotechnology company’s stock valued at $1,265,000 after purchasing an additional 22,400 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Iovance Biotherapeutics by 7.7% during the 2nd quarter. Rhumbline Advisers now owns 76,424 shares of the biotechnology company’s stock valued at $978,000 after purchasing an additional 5,465 shares in the last quarter. Creative Planning raised its holdings in shares of Iovance Biotherapeutics by 70.8% during the 2nd quarter. Creative Planning now owns 19,650 shares of the biotechnology company’s stock valued at $252,000 after purchasing an additional 8,145 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board bought a new position in shares of Iovance Biotherapeutics during the 2nd quarter valued at $398,000. Institutional investors and hedge funds own 87.03% of the company’s stock.

Iovance Biotherapeutics Company Profile

Iovance Biotherapeutics, Inc, a clinical-stage biotechnology company, focuses on developing and commercializing cancer immunotherapy products to harness the power of a patient's immune system to eradicate cancer cells. The company's lead product candidate is LN-144, an adoptive cell therapy that is in Phase II clinical trial using tumor-infiltrating lymphocytes (TIL), which are T cells derived from patients' tumors for the treatment of metastatic melanoma.

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