Iovance Biotherapeutics (NASDAQ:IOVA) Cut to “Hold” at Truist Financial

Truist Financial downgraded shares of Iovance Biotherapeutics (NASDAQ:IOVA) from a buy rating to a hold rating in a research report released on Monday, Marketbeat Ratings reports.

A number of other analysts have also recently commented on the stock. JMP Securities reiterated a “market perform” rating on shares of Iovance Biotherapeutics in a research note on Friday, May 9th. Robert W. Baird cut their target price on shares of Iovance Biotherapeutics from $24.00 to $20.00 and set an “outperform” rating for the company in a research note on Friday, February 28th. Citizens Jmp cut shares of Iovance Biotherapeutics from an “outperform” rating to a “market perform” rating in a research note on Friday, May 9th. HC Wainwright cut their target price on shares of Iovance Biotherapeutics from $32.00 to $20.00 and set a “buy” rating for the company in a research note on Friday, May 9th. Finally, Chardan Capital lowered their price target on shares of Iovance Biotherapeutics from $30.00 to $25.00 and set a “buy” rating on the stock in a research 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 stock. Based on data from MarketBeat.com, Iovance Biotherapeutics presently has a consensus rating of “Hold” and a consensus target price of $14.80.

Iovance Biotherapeutics Trading Down 4.7%

Iovance Biotherapeutics stock opened at $1.71 on Monday. The company has a market cap of $569.36 million, a P/E ratio of -1.14 and a beta of 1.06. Iovance Biotherapeutics has a 1-year low of $1.65 and a 1-year high of $12.51. The company has a fifty day simple moving average of $3.24 and a 200 day simple moving average of $5.95.

Iovance Biotherapeutics (NASDAQ:IOVA) last released its earnings results 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 the consensus estimate of $83.40 million. Iovance Biotherapeutics had a negative net margin of 451.25% and a negative return on equity of 58.43%. The firm’s revenue for the quarter was up 6795.1% on a year-over-year basis. During the same period last year, the business posted ($0.42) EPS. On average, equities research analysts forecast that Iovance Biotherapeutics will post -1.24 EPS for the current year.

Hedge Funds Weigh In On Iovance Biotherapeutics

Several hedge funds have recently bought and sold shares of the company. FORA Capital LLC bought a new position in Iovance Biotherapeutics in the 1st quarter valued at about $54,000. WealthTrust Axiom LLC bought a new position in Iovance Biotherapeutics in the 1st quarter valued at about $33,000. Stonepine Capital Management LLC bought a new position in Iovance Biotherapeutics in the 1st quarter valued at about $67,000. Portland Investment Counsel Inc. increased its holdings in Iovance Biotherapeutics by 81.8% in the 1st quarter. Portland Investment Counsel Inc. now owns 100,000 shares of the biotechnology company’s stock valued at $333,000 after buying an additional 45,000 shares during the period. Finally, Capital Fund Management S.A. grew its holdings in shares of Iovance Biotherapeutics by 215.4% during the 1st quarter. Capital Fund Management S.A. now owns 599,871 shares of the biotechnology company’s stock valued at $1,998,000 after purchasing an additional 409,688 shares during the last quarter. 77.03% of the stock is owned by institutional investors.

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.