Iovance Biotherapeutics (NASDAQ:IOVA) Stock Price Down 5.8% Following Analyst Downgrade

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report)'s stock price traded down 5.8% during trading on Tuesday after Truist Financial lowered their price target on the stock from $25.00 to $15.00. Truist Financial currently has a buy rating on the stock. Iovance Biotherapeutics traded as low as $3.75 and last traded at $3.81. 8,646,339 shares were traded during trading, a decline of 12% from the average session volume of 9,853,721 shares. The stock had previously closed at $4.04.

Other equities research analysts have also issued reports about the stock. The Goldman Sachs Group cut their price target on shares of Iovance Biotherapeutics from $22.00 to $19.00 and set a "buy" rating on the stock in a research note on Monday, March 3rd. Piper Sandler cut their price target 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. HC Wainwright reiterated a "buy" rating and set a $32.00 price target on shares of Iovance Biotherapeutics in a research note on Friday, February 28th. Robert W. Baird cut 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 note on Friday, February 28th. Finally, Chardan Capital dropped their price objective on shares of Iovance Biotherapeutics from $34.00 to $30.00 and set a "buy" rating on the stock in a research note on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Iovance Biotherapeutics has an average rating of "Moderate Buy" and a consensus target price of $20.25.

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Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of Iovance Biotherapeutics by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 27,534,340 shares of the biotechnology company's stock worth $203,754,000 after acquiring an additional 220,373 shares during the period. State Street Corp increased its stake in shares of Iovance Biotherapeutics by 4.6% during the third 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. Hood River Capital Management LLC increased its stake in shares of Iovance Biotherapeutics by 10.4% during the fourth quarter. Hood River Capital Management LLC now owns 8,991,573 shares of the biotechnology company's stock worth $66,538,000 after acquiring an additional 846,936 shares during the period. Geode Capital Management LLC increased its stake in shares of Iovance Biotherapeutics by 3.9% during the fourth quarter. Geode Capital Management LLC now owns 5,871,420 shares of the biotechnology company's stock worth $43,458,000 after acquiring an additional 222,425 shares during the period. Finally, Long Focus Capital Management LLC increased its stake in shares of Iovance Biotherapeutics by 13.2% during the fourth quarter. Long Focus Capital Management LLC now owns 5,132,000 shares of the biotechnology company's stock worth $37,977,000 after acquiring an additional 600,000 shares during the period. 77.03% of the stock is currently owned by institutional investors and hedge funds.

Iovance Biotherapeutics Price Performance

The business's 50 day moving average price is $5.85 and its 200-day moving average price is $8.32. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of -2.52 and a beta of 0.53.

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 (EPS) for the quarter, hitting analysts' consensus estimates of ($0.26). Iovance Biotherapeutics had a negative net margin of 451.25% and a negative return on equity of 58.43%. The business had revenue of $73.69 million for the quarter, compared to analyst estimates of $72.17 million. As a group, analysts expect 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.