Iovance Biotherapeutics (NASDAQ:IOVA) Sets New 52-Week Low Following Analyst Downgrade

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) reached a new 52-week low during trading on Friday after Robert W. Baird lowered their price target on the stock from $24.00 to $20.00. Robert W. Baird currently has an outperform rating on the stock. Iovance Biotherapeutics traded as low as $3.75 and last traded at $3.75, with a volume of 11092038 shares changing hands. The stock had previously closed at $5.26.

Other analysts have also issued research reports about the stock. HC Wainwright reiterated a “buy” rating and set a $32.00 price objective on shares of Iovance Biotherapeutics in a research note on Friday. Piper Sandler dropped their price objective on shares of Iovance Biotherapeutics from $7.50 to $6.00 and set a “neutral” rating on the stock in a research note on Friday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $20.50.

Institutional Trading of Iovance Biotherapeutics

A number of hedge funds have recently made changes to their positions in IOVA. AlphaQuest LLC grew its position in shares of Iovance Biotherapeutics by 63.6% during the fourth quarter. AlphaQuest LLC now owns 4,613 shares of the biotechnology company’s stock worth $34,000 after buying an additional 1,794 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Iovance Biotherapeutics during the fourth quarter worth approximately $36,000. GF Fund Management CO. LTD. acquired a new stake in shares of Iovance Biotherapeutics during the fourth quarter worth approximately $47,000. One68 Global Capital LLC acquired a new stake in shares of Iovance Biotherapeutics during the fourth quarter worth approximately $74,000. Finally, Quarry LP acquired a new stake in shares of Iovance Biotherapeutics during the fourth quarter worth approximately $74,000. Institutional investors and hedge funds own 77.03% of the company’s stock.

Iovance Biotherapeutics Price Performance

The firm has a market cap of $1.29 billion, a price-to-earnings ratio of -2.85 and a beta of 0.53. The business’s 50-day moving average price is $6.27 and its two-hundred day moving average price is $8.62.

Iovance Biotherapeutics (NASDAQ:IOVA) last released its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.26) EPS for the quarter, hitting analysts’ consensus estimates of ($0.26). The firm had revenue of $73.69 million during the quarter, compared to the consensus estimate of $72.17 million. Iovance Biotherapeutics had a negative net margin of 451.25% and a negative return on equity of 58.43%. Equities analysts predict that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current fiscal year.

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.