Iovance Biotherapeutics (NASDAQ:IOVA) Hits New 12-Month Low After 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 trading hands. The stock had previously closed at $5.26.

Other analysts also recently issued research reports about the stock. Piper Sandler decreased their price objective on shares of Iovance Biotherapeutics from $7.50 to $6.00 and set a “neutral” rating for the company in a report on Friday. HC Wainwright restated a “buy” rating and set a $32.00 price target on shares of Iovance Biotherapeutics in a research note on Friday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $19.60.

Institutional Trading of Iovance Biotherapeutics

A number of hedge funds have recently bought and sold shares of the company. AlphaQuest LLC increased 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 worth $34,000 after purchasing an additional 1,794 shares during the period. SBI Securities Co. Ltd. purchased a new position in shares of Iovance Biotherapeutics in the fourth quarter worth $36,000. GF Fund Management CO. LTD. bought a new stake in Iovance Biotherapeutics during the 4th quarter valued at $47,000. One68 Global Capital LLC bought a new stake in Iovance Biotherapeutics during the 4th quarter valued at $74,000. Finally, Quarry LP purchased a new stake in Iovance Biotherapeutics during the 4th quarter valued at $74,000. Institutional investors own 77.03% of the company’s stock.

Iovance Biotherapeutics Trading Down 19.4 %

The business’s fifty day simple moving average is $6.21 and its 200-day simple moving average is $8.56. The firm has a market cap of $1.29 billion, a P/E ratio of -2.85 and a beta of 0.53.

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