Iovance Biotherapeutics (NASDAQ:IOVA) Stock Price Down 5.8% After Analyst Downgrade

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) shares fell 5.8% on Tuesday after Truist Financial lowered their price target on the stock from $25.00 to $15.00. Truist Financial currently has a buy rating on the stock. Iovance Biotherapeutics traded as low as $3.75 and last traded at $3.81. 8,646,339 shares traded hands during trading, a decline of 12% from the average session volume of 9,853,721 shares. The stock had previously closed at $4.04.

Other equities research analysts have also recently issued research reports about the stock. Robert W. Baird lowered their target price on shares of Iovance Biotherapeutics from $24.00 to $20.00 and set an “outperform” rating on the stock in a research note on Friday. Chardan Capital lowered their target price on Iovance Biotherapeutics from $34.00 to $30.00 and set a “buy” rating on the stock in a report on Monday. HC Wainwright restated a “buy” rating and issued a $32.00 price target on shares of Iovance Biotherapeutics in a research report on Friday. Piper Sandler reduced their price objective on Iovance Biotherapeutics from $7.50 to $6.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, The Goldman Sachs Group dropped their target price on Iovance Biotherapeutics from $22.00 to $19.00 and set a “buy” rating for the company in a report on Monday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Iovance Biotherapeutics has a consensus rating of “Moderate Buy” and an average target price of $20.25.

Hedge Funds Weigh In On Iovance Biotherapeutics

A number of hedge funds have recently modified their holdings of the business. AlphaQuest LLC lifted its position in Iovance Biotherapeutics by 63.6% in the fourth quarter. AlphaQuest LLC now owns 4,613 shares of the biotechnology company’s stock valued at $34,000 after buying an additional 1,794 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Iovance Biotherapeutics in the 4th quarter worth approximately $36,000. GF Fund Management CO. LTD. purchased a new position in shares of Iovance Biotherapeutics during the 4th quarter worth approximately $47,000. One68 Global Capital LLC acquired a new stake in Iovance Biotherapeutics in the 4th quarter valued at approximately $74,000. Finally, Quarry LP purchased a new stake in Iovance Biotherapeutics in the fourth quarter valued at approximately $74,000. 77.03% of the stock is currently owned by hedge funds and other institutional investors.

Iovance Biotherapeutics Stock Down 5.1 %

The business has a 50-day simple moving average of $6.14 and a 200-day simple moving average of $8.50. The company has a market cap of $1.17 billion, a PE ratio of -2.57 and a beta of 0.53.

Iovance Biotherapeutics (NASDAQ:IOVA) last posted its earnings results on Thursday, February 27th. The biotechnology company reported ($0.26) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.26). Iovance Biotherapeutics had a negative return on equity of 58.43% and a negative net margin of 451.25%. The firm had revenue of $73.69 million for the quarter, compared to analyst estimates of $72.17 million. As a group, equities research analysts predict that Iovance Biotherapeutics, Inc. will post -1.24 EPS 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.