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

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) shares hit a new 52-week low on Saturday after Baird R W downgraded the stock from a strong-buy rating to a hold rating. The company traded as low as $1.65 and last traded at $1.75, with a volume of 112141445 shares changing hands. The stock had previously closed at $3.17.

A number of other equities research analysts have also weighed in on the company. Piper Sandler lowered their price objective on Iovance Biotherapeutics from $7.50 to $6.00 and set a “neutral” rating on the stock in a report on Friday, February 28th. HC Wainwright decreased their price target on Iovance Biotherapeutics from $32.00 to $20.00 and set a “buy” rating on the stock in a research note on Friday. Truist Financial decreased their price target on Iovance Biotherapeutics from $25.00 to $15.00 and set a “buy” rating on the stock in a research note on Monday, March 3rd. Citizens Jmp lowered Iovance Biotherapeutics from an “outperform” rating to a “market perform” rating in a research note on Friday. Finally, Chardan Capital decreased their price target on Iovance Biotherapeutics from $30.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Iovance Biotherapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $16.33.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of IOVA. Accredited Investors Inc. acquired a new position in Iovance Biotherapeutics in the 1st quarter valued at $33,000. AlphaQuest LLC raised its holdings in Iovance Biotherapeutics by 63.6% in 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. SBI Securities Co. Ltd. acquired a new position in Iovance Biotherapeutics in the 4th quarter valued at $36,000. FNY Investment Advisers LLC acquired a new position in Iovance Biotherapeutics in the 1st quarter valued at $39,000. Finally, Gould Asset Management LLC CA acquired a new position in Iovance Biotherapeutics in the 1st quarter valued at $39,000. 77.03% of the stock is currently owned by institutional investors and hedge funds.

Iovance Biotherapeutics Stock Performance

The company has a fifty day simple moving average of $3.36 and a two-hundred day simple moving average of $6.07. The company has a market capitalization of $584.38 million, a price-to-earnings ratio of -1.17 and a beta of 1.06.

Iovance Biotherapeutics (NASDAQ:IOVA) last released its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.11). The firm had revenue of $49.32 million for the quarter, compared to analyst estimates of $83.40 million. Iovance Biotherapeutics had a negative return on equity of 58.43% and a negative net margin of 451.25%. The company’s quarterly revenue was up 6795.1% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.42) earnings per share. As a group, analysts expect that Iovance Biotherapeutics, Inc. will post -1.24 EPS 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.