Iovance Biotherapeutics (NASDAQ:IOVA) Shares Down 6.2% After Analyst Downgrade

Key Points

• Iovance Biotherapeutics' shares dropped 6.2% after HC Wainwright downgraded the stock's price target from $20.00 to $9.00, while maintaining a buy rating.
• The company reported a negative earnings per share of ($0.33), missing analysts' expectations, alongside a revenue of $59.95 million against a forecast of $67.14 million.
• Currently, six analysts rate the stock as a Buy, while seven give it a Hold rating, and two analysts have issued Sell ratings, resulting in an average price target of $10.80.

Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report) dropped 6.2% during mid-day trading on Wednesday after HC Wainwright lowered their price target on the stock from $20.00 to $9.00. HC Wainwright currently has a buy rating on the stock. Iovance Biotherapeutics traded as low as $2.04 and last traded at $2.0550. Approximately 13,354,698 shares traded hands during mid-day trading, an increase of 2% from the average daily volume of 13,106,660 shares. The stock had previously closed at $2.19.

Other research analysts also recently issued research reports about the company. Zacks Research upgraded Iovance Biotherapeutics to a "hold" rating in a report on Tuesday, August 12th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Iovance Biotherapeutics in a report on Wednesday, October 8th. Wells Fargo & Company decreased their price objective on Iovance Biotherapeutics from $18.00 to $14.00 and set an "overweight" rating on the stock in a report on Friday, August 8th. Chardan Capital cut their target price on Iovance Biotherapeutics from $25.00 to $20.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. Finally, The Goldman Sachs Group downgraded Iovance Biotherapeutics from a "neutral" rating to a "sell" rating in a report on Tuesday, July 15th. Six investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $10.80.

Institutional Trading of Iovance Biotherapeutics

Hedge funds have recently made changes to their positions in the stock. CM Management LLC lifted its position in Iovance Biotherapeutics by 66.7% in the 1st quarter. CM Management LLC now owns 500,000 shares of the biotechnology company's stock valued at $1,665,000 after acquiring an additional 200,000 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Iovance Biotherapeutics by 6.0% in the 1st quarter. Bank of New York Mellon Corp now owns 918,210 shares of the biotechnology company's stock valued at $3,058,000 after acquiring an additional 52,376 shares in the last quarter. Nuveen LLC bought a new position in Iovance Biotherapeutics in the 1st quarter valued at approximately $2,953,000. Jacobs Levy Equity Management Inc. bought a new position in Iovance Biotherapeutics in the 1st quarter valued at approximately $4,191,000. Finally, Principal Financial Group Inc. lifted its position in Iovance Biotherapeutics by 28.7% in the 1st quarter. Principal Financial Group Inc. now owns 4,694,122 shares of the biotechnology company's stock valued at $15,631,000 after acquiring an additional 1,047,335 shares in the last quarter. 77.03% of the stock is owned by institutional investors.

Iovance Biotherapeutics Stock Performance

The firm has a market capitalization of $732.75 million, a P/E ratio of -1.64 and a beta of 0.83. The firm has a 50-day moving average of $2.26 and a 200-day moving average of $2.35.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last announced its earnings results on Thursday, August 7th. The biotechnology company reported ($0.33) earnings per share for the quarter, missing analysts' consensus estimates of ($0.29) by ($0.04). Iovance Biotherapeutics had a negative net margin of 161.44% and a negative return on equity of 52.87%. The company had revenue of $59.95 million for the quarter, compared to analysts' expectations of $67.14 million. Iovance Biotherapeutics has set its FY 2025 guidance at EPS. On average, research analysts forecast that Iovance Biotherapeutics, Inc. will post -1.24 EPS 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.

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