Iovance Biotherapeutics (NASDAQ:IOVA) Trading Down 5.9% After Analyst Downgrade

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report)'s stock price fell 5.9% on Tuesday after The Goldman Sachs Group lowered their price target on the stock from $18.00 to $16.00. The Goldman Sachs Group currently has a buy rating on the stock. Iovance Biotherapeutics traded as low as $3.20 and last traded at $3.21. 3,959,691 shares were traded during mid-day trading, a decline of 60% from the average session volume of 9,785,074 shares. The stock had previously closed at $3.41.

Several other equities analysts also recently issued reports on the company. Truist Financial reduced their price objective 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. 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 research report on Monday, March 3rd. Robert W. Baird lowered their price target on Iovance Biotherapeutics from $24.00 to $20.00 and set an "outperform" rating on the stock in a report on Friday, February 28th. Piper Sandler cut 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. Finally, HC Wainwright reiterated a "buy" rating and issued a $32.00 target price on shares of Iovance Biotherapeutics in a research report on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Iovance Biotherapeutics presently has an average rating of "Moderate Buy" and a consensus target price of $18.22.

Hedge Funds Weigh In On Iovance Biotherapeutics

Several large investors have recently made changes to their positions in IOVA. FNY Investment Advisers LLC bought a new stake in shares of Iovance Biotherapeutics in the 1st quarter worth approximately $39,000. Exchange Traded Concepts LLC increased its holdings in shares of Iovance Biotherapeutics by 99.5% in the first quarter. Exchange Traded Concepts LLC now owns 34,061 shares of the biotechnology company's stock valued at $113,000 after buying an additional 16,990 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Iovance Biotherapeutics by 46.5% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 27,451 shares of the biotechnology company's stock valued at $91,000 after buying an additional 8,713 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Iovance Biotherapeutics by 93.6% during the 1st quarter. SG Americas Securities LLC now owns 134,765 shares of the biotechnology company's stock valued at $449,000 after acquiring an additional 65,140 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. boosted its stake in shares of Iovance Biotherapeutics by 9.2% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 366,775 shares of the biotechnology company's stock worth $1,221,000 after acquiring an additional 30,794 shares in the last quarter. Institutional investors own 77.03% of the company's stock.

Iovance Biotherapeutics Trading Down 0.5 %

The stock has a fifty day moving average of $3.95 and a 200-day moving average of $6.81. The firm has a market capitalization of $1.00 billion, a price-to-earnings ratio of -2.05 and a beta of 1.05.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.26) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.26). Iovance Biotherapeutics had a negative return on equity of 58.43% and a negative net margin of 451.25%. The firm had revenue of $73.69 million for the quarter, compared to analysts' expectations of $72.17 million. As a group, equities research analysts forecast that Iovance Biotherapeutics, Inc. will post -1.24 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.