Iovance Biotherapeutics (NASDAQ:IOVA) Shares Down 5.9% on Analyst Downgrade

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) was down 5.9% during trading on Tuesday after Barclays lowered their price target on the stock from $22.00 to $5.00. Barclays currently has an overweight rating on the stock. Iovance Biotherapeutics traded as low as $3.20 and last traded at $3.21. Approximately 3,959,691 shares were traded during trading, a decline of 60% from the average daily volume of 9,785,074 shares. The stock had previously closed at $3.41.

Other analysts have also recently issued reports about the stock. Robert W. Baird decreased their price objective 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. The Goldman Sachs Group lowered their price target on shares of Iovance Biotherapeutics from $22.00 to $19.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. Piper Sandler decreased their price objective on Iovance Biotherapeutics from $7.50 to $6.00 and set a “neutral” rating for the company in a report on Friday, February 28th. Truist Financial reduced their price target on Iovance Biotherapeutics from $25.00 to $15.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $32.00 price objective on shares of Iovance Biotherapeutics in a research note on Friday, February 28th. One research analyst has rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Iovance Biotherapeutics has an average rating of “Moderate Buy” and a consensus price target of $18.56.

Institutional Investors Weigh In On Iovance Biotherapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. AlphaQuest LLC lifted its stake in Iovance Biotherapeutics by 63.6% in the 4th quarter. AlphaQuest LLC now owns 4,613 shares of the biotechnology company’s stock worth $34,000 after purchasing an additional 1,794 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in Iovance Biotherapeutics in the 4th quarter valued at $36,000. GF Fund Management CO. LTD. purchased a new position in shares of Iovance Biotherapeutics during the 4th quarter worth $47,000. One68 Global Capital LLC acquired a new position in shares of Iovance Biotherapeutics during the 4th quarter valued at about $74,000. Finally, Quarry LP purchased a new stake in shares of Iovance Biotherapeutics in the fourth quarter valued at about $74,000. Institutional investors and hedge funds own 77.03% of the company’s stock.

Iovance Biotherapeutics Stock Performance

The firm’s 50 day moving average price is $4.15 and its two-hundred day moving average price is $6.94. The firm has a market cap of $1.05 billion, a PE ratio of -2.15 and a beta of 1.05.

Iovance Biotherapeutics (NASDAQ:IOVA) last announced 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). The business had revenue of $73.69 million for the quarter, compared to analyst estimates of $72.17 million. Iovance Biotherapeutics had a negative return on equity of 58.43% and a negative net margin of 451.25%. On average, analysts forecast 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.