Iovance Biotherapeutics (NASDAQ:IOVA) Hits New 52-Week Low After Analyst Downgrade

Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) hit a new 52-week low on Saturday after Chardan Capital lowered their price target on the stock from $30.00 to $25.00. Chardan Capital currently has a buy rating on the stock. Iovance Biotherapeutics traded as low as $1.65 and last traded at $1.75, with a volume of 112141445 shares trading hands. The stock had previously closed at $3.17.

Several other research analysts have also recently commented on the company. The Goldman Sachs Group cut their price target on Iovance Biotherapeutics from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. Citizens Jmp cut Iovance Biotherapeutics from an “outperform” rating to a “market perform” rating in a research note on Friday. Barclays dropped their price target on shares of Iovance Biotherapeutics from $22.00 to $5.00 and set an “overweight” rating for the company in a research note on Monday, April 14th. HC Wainwright reduced their price objective on shares of Iovance Biotherapeutics from $32.00 to $20.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Truist Financial dropped their target price on shares of Iovance Biotherapeutics from $25.00 to $15.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Iovance Biotherapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.33.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Barclays PLC raised its stake in Iovance Biotherapeutics by 118.8% during the 3rd quarter. Barclays PLC now owns 604,584 shares of the biotechnology company’s stock valued at $5,677,000 after purchasing an additional 328,284 shares during the period. Franklin Resources Inc. grew its holdings in shares of Iovance Biotherapeutics by 9.2% during the third quarter. Franklin Resources Inc. now owns 100,229 shares of the biotechnology company’s stock valued at $979,000 after buying an additional 8,470 shares in the last quarter. Principal Financial Group Inc. raised its position in Iovance Biotherapeutics by 59.0% during 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 during the period. Assenagon Asset Management S.A. purchased a new stake in Iovance Biotherapeutics in the 4th quarter worth about $12,927,000. Finally, Arkadios Wealth Advisors acquired a new stake in Iovance Biotherapeutics during the 4th quarter worth about $150,000. Institutional investors own 77.03% of the company’s stock.

Iovance Biotherapeutics Stock Performance

The company has a market cap of $584.38 million, a PE ratio of -1.17 and a beta of 1.06. The company has a 50 day simple moving average of $3.36 and a two-hundred day simple moving average of $6.12.

Iovance Biotherapeutics (NASDAQ:IOVA) last released its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.11). Iovance Biotherapeutics had a negative net margin of 451.25% and a negative return on equity of 58.43%. The firm had revenue of $49.32 million for the quarter, compared to analyst estimates of $83.40 million. During the same period in the previous year, the business posted ($0.42) EPS. Iovance Biotherapeutics’s revenue for the quarter was up 6795.1% on a year-over-year basis. As a group, analysts expect that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current fiscal 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.