Iovance Biotherapeutics (NASDAQ:IOVA) Trading Down 5.4% After Analyst Downgrade

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s share price traded down 5.4% during trading on Tuesday after The Goldman Sachs Group lowered their price target on the stock from $16.00 to $8.00. The Goldman Sachs Group currently has a buy rating on the stock. Iovance Biotherapeutics traded as low as $1.85 and last traded at $1.83. 3,333,875 shares were traded during mid-day trading, a decline of 60% from the average session volume of 8,304,047 shares. The stock had previously closed at $1.93.

Several other research analysts have also commented on IOVA. 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 note on Friday, February 28th. Mizuho cut their price target on shares of Iovance Biotherapeutics from $30.00 to $10.00 and set an “outperform” rating on the stock in a report on Monday. Citizens Jmp downgraded shares of Iovance Biotherapeutics from an “outperform” rating to a “market perform” rating in a research note on Friday, May 9th. Truist Financial cut Iovance Biotherapeutics from a “buy” rating to a “hold” rating in a research note on Monday. Finally, HC Wainwright reduced their price target on Iovance Biotherapeutics from $32.00 to $20.00 and set a “buy” rating on the stock in a report on Friday, May 9th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $14.80.

Institutional Investors Weigh In On Iovance Biotherapeutics

Several hedge funds have recently made changes to their positions in the company. AlphaQuest LLC boosted its stake in shares of Iovance Biotherapeutics by 63.6% during the fourth 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 in the last quarter. Bank Pictet & Cie Europe AG raised its position in shares of Iovance Biotherapeutics by 10.1% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 21,318 shares of the biotechnology company’s stock worth $158,000 after acquiring an additional 1,950 shares in the last quarter. Baird Financial Group Inc. lifted its stake in shares of Iovance Biotherapeutics by 1.0% during the 4th quarter. Baird Financial Group Inc. now owns 195,845 shares of the biotechnology company’s stock worth $1,449,000 after purchasing an additional 2,000 shares during the last quarter. Algert Global LLC lifted its stake in shares of Iovance Biotherapeutics by 4.3% during the 4th quarter. Algert Global LLC now owns 56,400 shares of the biotechnology company’s stock worth $417,000 after purchasing an additional 2,330 shares during the last quarter. Finally, HighTower Advisors LLC boosted its position in Iovance Biotherapeutics by 3.9% during the fourth quarter. HighTower Advisors LLC now owns 79,238 shares of the biotechnology company’s stock valued at $586,000 after purchasing an additional 2,951 shares in the last quarter. 77.03% of the stock is currently owned by hedge funds and other institutional investors.

Iovance Biotherapeutics Stock Down 4.7%

The company has a market cap of $569.36 million, a PE ratio of -1.14 and a beta of 1.06. The firm has a 50 day simple moving average of $3.24 and a 200-day simple moving average of $5.95.

Iovance Biotherapeutics (NASDAQ:IOVA) last posted its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.11). The business had revenue of $49.32 million during the quarter, compared to analyst estimates of $83.40 million. Iovance Biotherapeutics had a negative return on equity of 58.43% and a negative net margin of 451.25%. The firm’s revenue for the quarter was up 6795.1% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.42) EPS. As a group, equities analysts anticipate 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.