Iovance Biotherapeutics (NASDAQ:IOVA) Trading Down 5.9% on Analyst Downgrade

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s stock price fell 5.9% during trading on Tuesday after Barclays lowered their price target on the stock from $22.00 to $5.00. Barclays currently has an overweight rating on the stock. Iovance Biotherapeutics traded as low as $3.20 and last traded at $3.21. 3,959,691 shares traded hands during trading, a decline of 60% from the average session volume of 9,785,074 shares. The stock had previously closed at $3.41.

IOVA has been the topic of several other reports. Piper Sandler cut their target price 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, February 28th. Robert W. Baird decreased their target price on Iovance Biotherapeutics from $24.00 to $20.00 and set an “outperform” rating for the company in a report on Friday, February 28th. HC Wainwright reiterated a “buy” rating and issued a $32.00 price objective on shares of Iovance Biotherapeutics in a research note on Friday, February 28th. The Goldman Sachs Group cut their target price on shares of Iovance Biotherapeutics from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Monday, March 3rd. Finally, Truist Financial dropped their price objective on shares of Iovance Biotherapeutics from $25.00 to $15.00 and set a “buy” rating on the stock in a research report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Iovance Biotherapeutics has an average rating of “Moderate Buy” and an average target price of $18.56.

Institutional Trading of Iovance Biotherapeutics

Several hedge funds have recently modified their holdings of IOVA. AlphaQuest LLC raised its position in Iovance Biotherapeutics by 63.6% in the fourth quarter. AlphaQuest LLC now owns 4,613 shares of the biotechnology company’s stock worth $34,000 after acquiring an additional 1,794 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Iovance Biotherapeutics during the 4th quarter worth $36,000. GF Fund Management CO. LTD. purchased a new position in shares of Iovance Biotherapeutics in the 4th quarter valued at about $47,000. One68 Global Capital LLC purchased a new stake in Iovance Biotherapeutics during the fourth quarter worth about $74,000. Finally, Quarry LP acquired a new position in Iovance Biotherapeutics during the fourth quarter worth about $74,000. 77.03% of the stock is owned by institutional investors and hedge funds.

Iovance Biotherapeutics Stock Down 6.2 %

The company has a market capitalization of $1.05 billion, a PE ratio of -2.15 and a beta of 1.05. The stock’s fifty day simple moving average is $4.15 and its 200-day simple moving average is $6.94.

Iovance Biotherapeutics (NASDAQ:IOVA) last posted its earnings results on Thursday, February 27th. The biotechnology company reported ($0.26) earnings per share for the quarter, meeting the consensus estimate of ($0.26). Iovance Biotherapeutics had a negative return on equity of 58.43% and a negative net margin of 451.25%. The company had revenue of $73.69 million for the quarter, compared to analyst estimates of $72.17 million. Analysts expect that Iovance Biotherapeutics, Inc. will post -1.24 EPS for the current year.

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.