Iovance Biotherapeutics (NASDAQ:IOVA) Sets New 12-Month Low - Here's Why

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report) shares hit a new 52-week low during trading on Friday . The company traded as low as $3.42 and last traded at $3.46, with a volume of 1328744 shares. The stock had previously closed at $3.54.

Wall Street Analysts Forecast Growth

Several research firms recently commented on IOVA. HC Wainwright reaffirmed a "buy" rating and set a $32.00 target price on shares of Iovance Biotherapeutics in a report on Friday, February 28th. Robert W. Baird dropped their price target on shares of Iovance Biotherapeutics from $24.00 to $20.00 and set an "outperform" rating on the stock in a research report on Friday, February 28th. Chardan Capital reduced their price target on Iovance Biotherapeutics from $34.00 to $30.00 and set a "buy" rating for the company in a report on Monday, March 3rd. Piper Sandler dropped 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. Finally, Truist Financial reduced their target price on Iovance Biotherapeutics from $25.00 to $15.00 and set a "buy" rating for the company in a research note on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $20.25.

Iovance Biotherapeutics Stock Up 0.1 %

The stock's 50-day moving average price is $5.12 and its 200 day moving average price is $7.75. The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of -2.38 and a beta of 0.93.

Remove Ads

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.26) earnings per share (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 company had revenue of $73.69 million during the quarter, compared to analysts' expectations of $72.17 million. On average, sell-side analysts anticipate that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current year.

Institutional Investors Weigh In On Iovance Biotherapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. AlphaQuest LLC grew 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 buying an additional 1,794 shares in the last quarter. Bank Pictet & Cie Europe AG grew its holdings in shares of Iovance Biotherapeutics by 10.1% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 21,318 shares of the biotechnology company's stock valued at $158,000 after purchasing an additional 1,950 shares during the period. Baird Financial Group Inc. increased its position in Iovance Biotherapeutics by 1.0% during the fourth quarter. Baird Financial Group Inc. now owns 195,845 shares of the biotechnology company's stock worth $1,449,000 after purchasing an additional 2,000 shares during the last quarter. Algert Global LLC raised its stake in Iovance Biotherapeutics by 4.3% during the fourth quarter. Algert Global LLC now owns 56,400 shares of the biotechnology company's stock worth $417,000 after purchasing an additional 2,330 shares during the period. Finally, HighTower Advisors LLC boosted its holdings in Iovance Biotherapeutics by 3.9% in the 4th quarter. HighTower Advisors LLC now owns 79,238 shares of the biotechnology company's stock valued at $586,000 after purchasing an additional 2,951 shares during the last quarter. Institutional investors and hedge funds own 77.03% of the company's stock.

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.