Wells Fargo & Company Has Lowered Expectations for Iovance Biotherapeutics (NASDAQ:IOVA) Stock Price

Key Points

• Wells Fargo & Company has lowered the price target for Iovance Biotherapeutics from $18.00 to $14.00, while maintaining an "overweight" rating on the stock.
• Iovance Biotherapeutics' stock has seen a decline of 14.2%, trading at $2.27 with notable fluctuations in its trading volume.
• The company recently reported a quarterly earnings miss with an EPS of ($0.33), falling short of expectations by $0.04.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) had its price target reduced by analysts at Wells Fargo & Company from $18.00 to $14.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the biotechnology company's stock.

A number of other analysts have also commented on IOVA. The Goldman Sachs Group lowered Iovance Biotherapeutics from a "neutral" rating to a "sell" rating in a report on Tuesday, July 15th. Mizuho decreased their target price on Iovance Biotherapeutics from $30.00 to $10.00 and set an "outperform" rating for the company in a research report on Monday, May 12th. Baird R W downgraded shares of Iovance Biotherapeutics from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 9th. Chardan Capital cut their target price on shares of Iovance Biotherapeutics from $25.00 to $20.00 and set a "buy" rating for the company in a research report on Friday. Finally, Truist Financial cut Iovance Biotherapeutics from a "buy" rating to a "hold" rating in a report on Monday, May 12th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $11.90.

Iovance Biotherapeutics Stock Down 20.1%

Shares of NASDAQ:IOVA traded down $0.53 on Friday, hitting $2.11. 43,397,610 shares of the company traded hands, compared to its average volume of 26,313,492. The stock has a 50 day simple moving average of $2.22 and a 200-day simple moving average of $3.24. The company has a market cap of $704.60 million, a PE ratio of -1.72 and a beta of 0.88. Iovance Biotherapeutics has a 52 week low of $1.64 and a 52 week high of $12.51.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last issued its earnings results on Thursday, August 7th. The biotechnology company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.04). Iovance Biotherapeutics had a negative return on equity of 51.95% and a negative net margin of 161.44%. The firm had revenue of $59.95 million during the quarter, compared to analysts' expectations of $67.14 million. As a group, sell-side analysts anticipate that Iovance Biotherapeutics will post -1.24 earnings per share for the current year.

Hedge Funds Weigh In On Iovance Biotherapeutics

A number of hedge funds have recently modified their holdings of IOVA. GF Fund Management CO. LTD. purchased a new stake in shares of Iovance Biotherapeutics during the fourth quarter worth about $47,000. One68 Global Capital LLC bought a new position in shares of Iovance Biotherapeutics during the fourth quarter worth $74,000. Quarry LP purchased a new position in Iovance Biotherapeutics during the fourth quarter valued at $74,000. Fullcircle Wealth LLC purchased a new position in Iovance Biotherapeutics during the fourth quarter valued at $74,000. Finally, Accredited Investors Inc. bought a new stake in Iovance Biotherapeutics in the 1st quarter valued at $33,000. 77.03% of the stock is currently owned by institutional investors.

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.