Iovance Biotherapeutics (NASDAQ:IOVA) Sets New 52-Week Low Following Analyst Downgrade

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) hit a new 52-week low during trading on Friday after Robert W. Baird lowered their price target on the stock from $24.00 to $20.00. Robert W. Baird currently has an outperform rating on the stock. Iovance Biotherapeutics traded as low as $3.75 and last traded at $3.75, with a volume of 11092038 shares trading hands. The stock had previously closed at $5.26.

Other equities research analysts have also recently issued reports about the stock. Piper Sandler lowered their price objective on shares of Iovance Biotherapeutics from $7.50 to $6.00 and set a “neutral” rating on the stock in a research note on Friday. HC Wainwright reaffirmed a “buy” rating and set a $32.00 price target on shares of Iovance Biotherapeutics in a research note on Friday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Iovance Biotherapeutics presently has an average rating of “Moderate Buy” and an average price target of $20.50.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of IOVA. Creative Planning lifted its holdings in shares of Iovance Biotherapeutics by 2.6% during the 3rd quarter. Creative Planning now owns 73,489 shares of the biotechnology company’s stock worth $690,000 after acquiring an additional 1,896 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Iovance Biotherapeutics by 31.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,978 shares of the biotechnology company’s stock worth $105,000 after acquiring an additional 2,624 shares during the period. Rice Hall James & Associates LLC lifted its holdings in shares of Iovance Biotherapeutics by 2.6% during the 3rd quarter. Rice Hall James & Associates LLC now owns 1,679,157 shares of the biotechnology company’s stock worth $15,767,000 after acquiring an additional 43,132 shares during the period. Creative Financial Designs Inc. ADV lifted its holdings in shares of Iovance Biotherapeutics by 59.3% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 21,740 shares of the biotechnology company’s stock worth $204,000 after acquiring an additional 8,090 shares during the period. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Iovance Biotherapeutics by 142.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 15,389 shares of the biotechnology company’s stock worth $145,000 after acquiring an additional 9,037 shares during the period. 77.03% of the stock is currently owned by hedge funds and other institutional investors.

Iovance Biotherapeutics Stock Performance

The firm has a market capitalization of $1.29 billion, a PE ratio of -2.85 and a beta of 0.53. The company’s fifty day moving average price is $6.27 and its two-hundred day moving average price is $8.62.

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