Iovance Biotherapeutics (NASDAQ:IOVA) Shares Down 5.8% After Analyst Downgrade

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) dropped 5.8% on Tuesday after Truist Financial lowered their price target on the stock from $25.00 to $15.00. Truist Financial currently has a buy rating on the stock. Iovance Biotherapeutics traded as low as $3.75 and last traded at $3.81. Approximately 8,646,339 shares were traded during mid-day trading, a decline of 12% from the average daily volume of 9,853,721 shares. The stock had previously closed at $4.04.

Other equities analysts have also recently issued reports about the company. Robert W. Baird dropped their price objective on Iovance Biotherapeutics from $24.00 to $20.00 and set an “outperform” rating for the company in a report on Friday, February 28th. Chardan Capital decreased their price target on Iovance Biotherapeutics from $34.00 to $30.00 and set a “buy” rating on the stock in a research report on Monday. Piper Sandler cut their price objective on shares of Iovance Biotherapeutics from $7.50 to $6.00 and set a “neutral” rating for the company in a research report on Friday, February 28th. The Goldman Sachs Group reduced their price objective 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. Finally, HC Wainwright restated a “buy” rating and issued a $32.00 target price on shares of Iovance Biotherapeutics in a research report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.25.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. XML Financial LLC lifted its holdings in shares of Iovance Biotherapeutics by 7.4% in the third quarter. XML Financial LLC now owns 14,500 shares of the biotechnology company’s stock worth $136,000 after acquiring an additional 1,000 shares during the last quarter. Saturna Capital Corp increased its position in Iovance Biotherapeutics by 7.0% during the 3rd quarter. Saturna Capital Corp now owns 20,553 shares of the biotechnology company’s stock worth $193,000 after purchasing an additional 1,353 shares in the last quarter. AlphaQuest LLC lifted its stake in Iovance Biotherapeutics by 63.6% in the 4th quarter. AlphaQuest LLC now owns 4,613 shares of the biotechnology company’s stock valued at $34,000 after purchasing an additional 1,794 shares during the last quarter. Bank Pictet & Cie Europe AG boosted its position in Iovance Biotherapeutics by 10.1% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 21,318 shares of the biotechnology company’s stock valued at $158,000 after buying an additional 1,950 shares in the last quarter. Finally, Baird Financial Group Inc. boosted its position in Iovance Biotherapeutics by 1.0% in the fourth quarter. Baird Financial Group Inc. now owns 195,845 shares of the biotechnology company’s stock valued at $1,449,000 after buying an additional 2,000 shares in the last quarter. Institutional investors own 77.03% of the company’s stock.

Iovance Biotherapeutics Stock Down 3.0 %

The business’s 50 day simple moving average is $6.14 and its two-hundred day simple moving average is $8.50. The stock has a market cap of $1.19 billion, a P/E ratio of -2.63 and a beta of 0.53.

Iovance Biotherapeutics (NASDAQ:IOVA) last issued its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.26) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.26). The business had revenue of $73.69 million for the quarter, compared to analyst estimates of $72.17 million. Iovance Biotherapeutics had a negative return on equity of 58.43% and a negative net margin of 451.25%. As a group, research analysts forecast 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.