Iovance Biotherapeutics (NASDAQ:IOVA) Stock Price Down 5.4% on Analyst Downgrade

Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) were down 5.4% during mid-day trading on Tuesday after The Goldman Sachs Group lowered their price target on the stock from $16.00 to $8.00. The Goldman Sachs Group currently has a buy rating on the stock. Iovance Biotherapeutics traded as low as $1.85 and last traded at $1.83. Approximately 3,333,875 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 8,304,047 shares. The stock had previously closed at $1.93.

Several other analysts also recently issued reports on IOVA. Chardan Capital reduced their price objective on Iovance Biotherapeutics from $30.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday. Truist Financial downgraded shares of Iovance Biotherapeutics from a “buy” rating to a “hold” rating in a research note on Monday. JMP Securities reaffirmed a “market perform” rating on shares of Iovance Biotherapeutics in a research note on Friday. Barclays lowered their price target on shares of Iovance Biotherapeutics from $5.00 to $4.00 and set an “overweight” rating for the company in a report on Monday. Finally, Piper Sandler reduced 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, February 28th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $14.80.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in IOVA. AlphaQuest LLC raised its holdings in shares of 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 during the period. SBI Securities Co. Ltd. acquired a new stake in Iovance Biotherapeutics during the 4th quarter worth approximately $36,000. GF Fund Management CO. LTD. purchased a new position in Iovance Biotherapeutics in the fourth quarter valued at approximately $47,000. One68 Global Capital LLC purchased a new position in Iovance Biotherapeutics in the fourth quarter valued at approximately $74,000. Finally, Quarry LP acquired a new position in Iovance Biotherapeutics during the fourth quarter valued at approximately $74,000. 77.03% of the stock is owned by hedge funds and other institutional investors.

Iovance Biotherapeutics Stock Down 7.0%

The firm’s 50 day simple moving average is $3.32 and its 200-day simple moving average is $6.00. The company has a market capitalization of $599.41 million, a PE ratio of -1.20 and a beta of 1.06.

Iovance Biotherapeutics (NASDAQ:IOVA) last announced its quarterly 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). Iovance Biotherapeutics had a negative return on equity of 58.43% and a negative net margin of 451.25%. The business had revenue of $49.32 million for the quarter, compared to analysts’ expectations of $83.40 million. During the same period last year, the company posted ($0.42) earnings per share. The firm’s revenue for the quarter was up 6795.1% on a year-over-year basis. As a group, sell-side analysts anticipate 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.