Iovance Biotherapeutics (NASDAQ:IOVA) Stock Price Down 5.4% Following Analyst Downgrade

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s stock price was down 5.4% during mid-day 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. Approximately 3,333,875 shares were traded during trading, a decline of 60% from the average daily volume of 8,304,047 shares. The stock had previously closed at $1.93.

Several other analysts have also recently issued reports on IOVA. Mizuho decreased their target price on shares of Iovance Biotherapeutics from $30.00 to $10.00 and set an “outperform” rating on the stock in a research report on Monday. HC Wainwright lowered their target price on Iovance Biotherapeutics from $32.00 to $20.00 and set a “buy” rating for the company in a report on Friday. Piper Sandler lowered their price target on shares of Iovance Biotherapeutics from $7.50 to $6.00 and set a “neutral” rating on the stock in a report on Friday, February 28th. Baird R W downgraded Iovance Biotherapeutics from a “strong-buy” rating to a “hold” rating in a research report on Friday. Finally, Chardan Capital cut their price objective on shares of Iovance Biotherapeutics from $30.00 to $25.00 and set a “buy” rating on the stock in a report on Friday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $14.80.

Hedge Funds Weigh In On Iovance Biotherapeutics

A number of large investors have recently added to or reduced their stakes in IOVA. AlphaQuest LLC boosted its position in shares of Iovance Biotherapeutics by 63.6% during the 4th quarter. AlphaQuest LLC now owns 4,613 shares of the biotechnology company’s stock valued at $34,000 after acquiring an additional 1,794 shares during the last quarter. Bank Pictet & Cie Europe AG grew 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 valued at $158,000 after buying an additional 1,950 shares during the last quarter. Baird Financial Group Inc. lifted its holdings in shares of Iovance Biotherapeutics by 1.0% in the 4th 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 last quarter. Algert Global LLC increased its holdings in shares of Iovance Biotherapeutics by 4.3% in the 4th quarter. Algert Global LLC now owns 56,400 shares of the biotechnology company’s stock valued at $417,000 after acquiring an additional 2,330 shares during the period. Finally, HighTower Advisors LLC boosted its stake in shares of Iovance Biotherapeutics by 3.9% during the fourth quarter. HighTower Advisors LLC now owns 79,238 shares of the biotechnology company’s stock worth $586,000 after buying an additional 2,951 shares during the period. 77.03% of the stock is currently owned by institutional investors and hedge funds.

Iovance Biotherapeutics Price Performance

The company has a 50 day moving average price of $3.32 and a 200 day moving average price of $6.00. The firm has a market cap of $599.41 million, a PE ratio of -1.20 and a beta of 1.06.

Iovance Biotherapeutics (NASDAQ:IOVA) last announced its quarterly earnings results 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). The company had revenue of $49.32 million during the quarter, compared to analysts’ expectations of $83.40 million. Iovance Biotherapeutics had a negative net margin of 451.25% and a negative return on equity of 58.43%. The business’s revenue for the quarter was up 6795.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.42) EPS. On average, equities 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.