Iovance Biotherapeutics (NASDAQ:IOVA) Cut to “Neutral” at UBS Group

UBS Group lowered shares of Iovance Biotherapeutics (NASDAQ:IOVA) from a buy rating to a neutral rating in a research report sent to investors on Friday, MarketBeat reports. The brokerage currently has $2.00 target price on the biotechnology company’s stock, down from their previous target price of $17.00.

IOVA has been the topic of several other research reports. The Goldman Sachs Group dropped their price objective on Iovance Biotherapeutics from $16.00 to $8.00 and set a “buy” rating on the stock in a report on Monday, May 12th. Baird R W lowered Iovance Biotherapeutics from a “strong-buy” rating to a “hold” rating in a report on Friday, May 9th. Citizens Jmp lowered Iovance Biotherapeutics from an “outperform” rating to a “market perform” rating in a report on Friday, May 9th. Mizuho dropped their price objective on Iovance Biotherapeutics from $30.00 to $10.00 and set an “outperform” rating on the stock in a report on Monday, May 12th. Finally, Piper Sandler dropped their price objective on Iovance Biotherapeutics from $7.50 to $6.00 and set a “neutral” rating on the stock in a report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $13.30.

Iovance Biotherapeutics Price Performance

NASDAQ:IOVA opened at $1.66 on Friday. The firm has a market capitalization of $554.33 million, a PE ratio of -1.11 and a beta of 1.06. The business’s fifty day moving average price is $3.16 and its 200 day moving average price is $5.75. Iovance Biotherapeutics has a 12 month low of $1.64 and a 12 month high of $12.51.

Iovance Biotherapeutics (NASDAQ:IOVA) last issued its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.11). The firm had revenue of $49.32 million for the quarter, compared to analysts’ expectations of $83.40 million. Iovance Biotherapeutics had a negative return on equity of 58.43% and a negative net margin of 451.25%. The business’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 posted ($0.42) EPS. As a group, equities analysts anticipate that Iovance Biotherapeutics will post -1.24 EPS for the current year.

Institutional Investors Weigh In On Iovance Biotherapeutics

Several hedge funds have recently made changes to their positions in the business. 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 worth $34,000 after buying an additional 1,794 shares during the period. Bank Pictet & Cie Europe AG lifted 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 purchasing an additional 1,950 shares during the period. Baird Financial Group Inc. lifted 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 purchasing an additional 2,000 shares during the period. Algert Global LLC lifted its position in Iovance Biotherapeutics by 4.3% in the fourth quarter. Algert Global LLC now owns 56,400 shares of the biotechnology company’s stock valued at $417,000 after purchasing an additional 2,330 shares during the period. Finally, HighTower Advisors LLC lifted its position in Iovance Biotherapeutics by 3.9% in 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 during the period. 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.