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

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s stock price traded down 5.8% during trading 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. 8,646,339 shares changed hands during mid-day trading, a decline of 12% from the average session volume of 9,853,721 shares. The stock had previously closed at $4.04.

A number of other equities research analysts have also issued reports on the company. Robert W. Baird reduced their price target on Iovance Biotherapeutics from $24.00 to $20.00 and set an “outperform” rating on the stock in a research report on Friday. HC Wainwright reiterated a “buy” rating and issued a $32.00 price target on shares of Iovance Biotherapeutics in a research note on Friday. The Goldman Sachs Group cut their price objective on shares of Iovance Biotherapeutics from $22.00 to $19.00 and set a “buy” rating on the stock in a report on Monday. Piper Sandler dropped 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 report on Friday. Finally, Chardan Capital dropped their target price on Iovance Biotherapeutics from $34.00 to $30.00 and set a “buy” rating on the stock in a report on Monday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Iovance Biotherapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $20.25.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of IOVA. SG Americas Securities LLC acquired a new position in shares of Iovance Biotherapeutics during the 4th quarter worth $515,000. Jennison Associates LLC purchased a new stake in Iovance Biotherapeutics during the fourth quarter worth about $493,000. Barclays PLC grew its position in Iovance Biotherapeutics by 118.8% during the third quarter. Barclays PLC now owns 604,584 shares of the biotechnology company’s stock worth $5,677,000 after buying an additional 328,284 shares during the period. Principal Financial Group Inc. increased its holdings in Iovance Biotherapeutics by 59.0% in the third quarter. Principal Financial Group Inc. now owns 4,033,184 shares of the biotechnology company’s stock valued at $37,872,000 after buying an additional 1,496,941 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new stake in shares of Iovance Biotherapeutics during the 3rd quarter valued at approximately $920,000. Hedge funds and other institutional investors own 77.03% of the company’s stock.

Iovance Biotherapeutics Trading Down 5.1 %

The firm has a market cap of $1.17 billion, a PE ratio of -2.57 and a beta of 0.53. The company has a 50 day moving average price of $6.14 and a 200 day moving average price of $8.50.

Iovance Biotherapeutics (NASDAQ:IOVA) last posted its earnings results on Thursday, February 27th. The biotechnology company reported ($0.26) EPS for the quarter, hitting analysts’ consensus estimates 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 the consensus estimate of $72.17 million. As a group, equities research analysts anticipate that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current fiscal 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.