Iovance Biotherapeutics, Inc.

DB:2LB Stock Report

Market Cap: €2.5b

Iovance Biotherapeutics Valuation

Is 2LB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 2LB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2LB (€9) is trading below our estimate of fair value (€79.44)

Significantly Below Fair Value: 2LB is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2LB?

Key metric: As 2LB is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 2LB. This is calculated by dividing 2LB's market cap by their current revenue.
What is 2LB's PS Ratio?
PS Ratio28.7x
SalesUS$90.86m
Market CapUS$2.61b

Price to Sales Ratio vs Peers

How does 2LB's PS Ratio compare to its peers?

The above table shows the PS ratio for 2LB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average8.9x
BIO3 Biotest
1.5x3.6%€1.4b
FYB Formycon
14x33.4%€848.4m
2INV 2invest
8.1xn/a€62.7m
HPHA Heidelberg Pharma
12x16.6%€102.1m
2LB Iovance Biotherapeutics
28.7x45.3%€2.6b

Price-To-Sales vs Peers: 2LB is expensive based on its Price-To-Sales Ratio (28.7x) compared to the peer average (8.9x).

Price to Sales Ratio vs Industry

How does 2LB's PS Ratio compare vs other companies in the DE Biotechs Industry?

6 CompaniesPrice / SalesEstimated GrowthMarket Cap
CNW co.don
0.7xn/aUS$6.97m
V9Z Aceragen
0.4xn/aUS$3.12m
PA8 Paion
0.2x30.2%US$2.78m
V9Z Aceragen
0.3x-161.8%US$2.18m
2LB 28.7xIndustry Avg. 8.0xNo. of Companies6PS0612182430+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 2LB is expensive based on its Price-To-Sales Ratio (28.7x) compared to the European Biotechs industry average (8.1x).

Price to Sales Ratio vs Fair Ratio

What is 2LB's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

2LB PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio28.7x
Fair PS Ratio11.1x

Price-To-Sales vs Fair Ratio: 2LB is expensive based on its Price-To-Sales Ratio (28.7x) compared to the estimated Fair Price-To-Sales Ratio (11.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 2LB forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€9.00
€22.18
+146.4%
25.1%€31.72€9.33n/a13
Nov ’25€9.53
€22.10
+131.8%
24.8%€31.40€9.24n/a13
Oct ’25€8.36
€22.36
+167.4%
24.0%€31.14€9.16n/a12
Sep ’25€10.27
€22.36
+117.9%
24.0%€31.14€9.16n/a12
Aug ’25€8.08
€23.10
+185.9%
23.7%€31.41€9.24n/a12
Jul ’25€7.48
€24.03
+221.4%
16.8%€31.73€17.73n/a12
Jun ’25€8.31
€23.89
+187.4%
16.4%€31.34€17.51n/a12
May ’25€11.21
€23.81
+112.5%
16.3%€31.13€17.40n/a12
Apr ’25€12.93
€23.81
+84.2%
16.3%€31.13€17.40n/a12
Mar ’25€14.94
€23.28
+55.9%
20.0%€31.46€15.73n/a12
Feb ’25€7.17
€18.66
+160.1%
27.3%€27.41€10.97n/a12
Jan ’25€7.85
€18.66
+137.7%
27.3%€27.41€10.97n/a12
Dec ’24€5.58
€18.66
+234.2%
27.3%€27.41€10.97n/a12
Nov ’24€3.56
€20.98
+489.1%
31.1%€35.64€13.13€9.5311
Oct ’24€4.29
€20.98
+389.2%
31.1%€35.64€13.13€8.3611
Sep ’24€5.54
€22.36
+303.7%
34.4%€36.44€12.76€10.2711
Aug ’24€6.55
€22.56
+244.4%
33.6%€36.37€12.73€8.0811
Jul ’24€6.44
€22.58
+250.5%
33.9%€36.80€12.88€7.4811
Jun ’24€8.02
€20.86
+160.1%
41.7%€37.28€5.59€8.3113
May ’24€4.85
€20.84
+329.7%
45.6%€37.46€5.62€11.2112
Apr ’24€5.61
€20.84
+271.2%
45.6%€37.46€5.62€12.9312
Mar ’24€6.88
€21.10
+206.7%
44.0%€37.52€5.63€14.9412
Feb ’24€7.25
€21.70
+199.3%
40.5%€36.81€5.52€7.1712
Jan ’24€5.90
€21.66
+267.4%
41.5%€37.67€5.65€7.8513
Dec ’23€6.11
€24.25
+296.7%
33.5%€39.05€10.74€5.5813
Nov ’23€9.39
€26.47
+182.0%
33.7%€43.15€13.04€3.5613

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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