Iovance Biotherapeutics (NASDAQ:IOVA) Stock Price Down 5.9% Following Analyst Downgrade

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report)'s stock price was down 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. Approximately 3,959,691 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 9,785,074 shares. The stock had previously closed at $3.41.

Other equities analysts have also recently issued research reports about the company. Chardan Capital dropped their target price on Iovance Biotherapeutics from $34.00 to $30.00 and set a "buy" rating on the stock in a research 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. 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 report on Monday, March 3rd. Robert W. Baird cut their price target on shares of Iovance Biotherapeutics from $24.00 to $20.00 and set an "outperform" rating for the company in a report on Friday, February 28th. Finally, HC Wainwright reissued a "buy" rating and set a $32.00 price objective on shares of Iovance Biotherapeutics in a report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Iovance Biotherapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.22.

Institutional Investors Weigh In On Iovance Biotherapeutics

A number of large investors have recently bought and sold shares of IOVA. SG Americas Securities LLC acquired a new stake in shares of Iovance Biotherapeutics during the fourth quarter valued at $515,000. Jennison Associates LLC purchased a new stake in shares of Iovance Biotherapeutics during the fourth quarter worth about $493,000. Barclays PLC raised its position in shares of Iovance Biotherapeutics by 118.8% in the third quarter. Barclays PLC now owns 604,584 shares of the biotechnology company's stock valued at $5,677,000 after buying an additional 328,284 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of 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 valued at $37,872,000 after buying an additional 1,496,941 shares during the period. Finally, Banque Pictet & Cie SA boosted its position in Iovance Biotherapeutics by 17.0% during the fourth quarter. Banque Pictet & Cie SA now owns 376,591 shares of the biotechnology company's stock worth $2,787,000 after acquiring an additional 54,832 shares during the last quarter. Institutional investors and hedge funds own 77.03% of the company's stock.

Iovance Biotherapeutics Trading Down 0.5 %

The company's 50 day simple moving average is $3.95 and its 200 day simple moving average is $6.78. The stock has a market capitalization of $1.00 billion, a PE ratio of -2.05 and a beta of 1.05.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.26) EPS for the quarter, meeting 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 business had revenue of $73.69 million during the quarter, compared to the consensus estimate of $72.17 million. As a group, analysts predict that Iovance Biotherapeutics, Inc. will post -1.24 EPS for the current year.

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.