Iovance Biotherapeutics (NASDAQ:IOVA) Hits New 12-Month Low – Here’s Why

Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) reached a new 52-week low during mid-day trading on Friday . The company traded as low as $3.42 and last traded at $3.46, with a volume of 1328744 shares changing hands. The stock had previously closed at $3.54.

Wall Street Analyst Weigh In

A number of research firms have recently commented on IOVA. HC Wainwright restated a “buy” rating and issued a $32.00 price objective on shares of Iovance Biotherapeutics in a report on Friday, February 28th. The Goldman Sachs Group cut their price target on shares of Iovance Biotherapeutics from $22.00 to $19.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. Chardan Capital decreased their price objective on shares of Iovance Biotherapeutics from $34.00 to $30.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. Piper Sandler dropped 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. Finally, Robert W. Baird reduced their target price on shares of Iovance Biotherapeutics from $24.00 to $20.00 and set an “outperform” rating on the stock in a report on Friday, February 28th. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $20.25.

Iovance Biotherapeutics Price Performance

The firm has a market cap of $1.16 billion, a PE ratio of -2.38 and a beta of 0.93. The business has a fifty day moving average price of $5.12 and a two-hundred day moving average price of $7.77.

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 analysts’ consensus estimates of ($0.26). Iovance Biotherapeutics had a negative net margin of 451.25% and a negative return on equity of 58.43%. The company had revenue of $73.69 million during the quarter, compared to the consensus estimate of $72.17 million. As a group, sell-side analysts forecast that Iovance Biotherapeutics, Inc. will post -1.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Iovance Biotherapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System increased its position in Iovance Biotherapeutics by 7.3% during the fourth quarter. California State Teachers Retirement System now owns 203,241 shares of the biotechnology company’s stock worth $1,504,000 after acquiring an additional 13,774 shares during the period. Arcadia Wealth Management Inc. acquired a new stake in Iovance Biotherapeutics in the 4th quarter worth $117,000. B. Riley Wealth Advisors Inc. grew its position in Iovance Biotherapeutics by 39.4% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 19,442 shares of the biotechnology company’s stock worth $144,000 after purchasing an additional 5,500 shares during the last quarter. GF Fund Management CO. LTD. bought a new position in shares of Iovance Biotherapeutics during the 4th quarter worth about $47,000. Finally, Neo Ivy Capital Management acquired a new position in shares of Iovance Biotherapeutics during the fourth quarter valued at about $3,353,000. Institutional investors and hedge funds own 77.03% of the company’s stock.

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.