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

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report) reached a new 52-week low during mid-day trading on Monday after Piper Sandler lowered their price target on the stock from $10.00 to $7.50. Piper Sandler currently has a neutral rating on the stock. Iovance Biotherapeutics traded as low as $5.52 and last traded at $5.68, with a volume of 734900 shares. The stock had previously closed at $5.85.

IOVA has been the subject of several other research reports. UBS Group initiated coverage on shares of Iovance Biotherapeutics in a research note on Thursday, October 24th. They issued a "buy" rating and a $17.00 price objective for the company. HC Wainwright reaffirmed a "buy" rating and issued a $32.00 target price on shares of Iovance Biotherapeutics in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $22.69.

Insider Buying and Selling at Iovance Biotherapeutics

In other news, Director Ryan D. Maynard sold 50,000 shares of the business's stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $10.06, for a total value of $503,000.00. Following the completion of the transaction, the director now directly owns 7,500 shares of the company's stock, valued at $75,450. The trade was a 86.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 12.10% of the company's stock.

Institutional Trading of Iovance Biotherapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IOVA. Assenagon Asset Management S.A. acquired a new stake in shares of Iovance Biotherapeutics during the 4th quarter worth about $12,927,000. Raymond James Financial Inc. purchased a new position in shares of Iovance Biotherapeutics during the fourth quarter valued at approximately $11,568,000. Principal Financial Group Inc. boosted its position in Iovance Biotherapeutics by 59.0% during the third quarter. Principal Financial Group Inc. now owns 4,033,184 shares of the biotechnology company's stock worth $37,872,000 after acquiring an additional 1,496,941 shares during the last quarter. State Street Corp grew its stake in Iovance Biotherapeutics by 4.6% in the 3rd quarter. State Street Corp now owns 13,201,978 shares of the biotechnology company's stock worth $123,967,000 after acquiring an additional 576,801 shares during the period. Finally, Barclays PLC raised its holdings in Iovance Biotherapeutics by 118.8% in the 3rd quarter. Barclays PLC now owns 604,584 shares of the biotechnology company's stock valued at $5,677,000 after acquiring an additional 328,284 shares during the last quarter. Hedge funds and other institutional investors own 77.03% of the company's stock.

Iovance Biotherapeutics Trading Down 3.6 %

The business has a 50 day simple moving average of $7.13 and a two-hundred day simple moving average of $8.93. The company has a market cap of $1.79 billion, a PE ratio of -3.95 and a beta of 0.53.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last released its earnings results on Thursday, November 7th. The biotechnology company reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.03. Iovance Biotherapeutics had a negative return on equity of 58.43% and a negative net margin of 451.25%. The firm had revenue of $58.56 million during the quarter, compared to analyst estimates of $53.54 million. During the same period in the prior year, the firm posted ($0.46) earnings per share. On average, equities research analysts expect that Iovance Biotherapeutics, Inc. will post -1.23 earnings per share for the current fiscal year.

Iovance Biotherapeutics Company Profile

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.