Iovance Biotherapeutics (NASDAQ:IOVA) Stock Price Down 5% on Analyst Downgrade

Key Points

• Iovance Biotherapeutics' stock price decreased by 5% after Wells Fargo & Company downgraded the price target from $18.00 to $14.00, while still maintaining an overweight rating.
• The company's latest earnings report showed a loss of ($0.33) per share, falling short of the consensus estimate, with revenue dropping to $59.95 million against anticipated earnings of $67.14 million.
• Institutional investors hold approximately 77.03% of Iovance Biotherapeutics' stock, with several recently acquiring new stakes in the company.

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report)'s share price was down 5% during mid-day trading on Monday after Wells Fargo & Company lowered their price target on the stock from $18.00 to $14.00. Wells Fargo & Company currently has an overweight rating on the stock. Iovance Biotherapeutics traded as low as $2.02 and last traded at $2.01. Approximately 7,302,746 shares changed hands during trading, a decline of 47% from the average daily volume of 13,744,600 shares. The stock had previously closed at $2.11.

Several other research firms also recently weighed in on IOVA. JMP Securities reiterated a "market perform" rating on shares of Iovance Biotherapeutics in a research note on Friday, May 9th. Truist Financial lowered Iovance Biotherapeutics from a "buy" rating to a "hold" rating in a research report on Monday, May 12th. HC Wainwright decreased their target price on Iovance Biotherapeutics from $32.00 to $20.00 and set a "buy" rating for the company in a report on Friday, May 9th. The Goldman Sachs Group downgraded shares of Iovance Biotherapeutics from a "neutral" rating to a "sell" rating in a research report on Tuesday, July 15th. Finally, Chardan Capital reduced their price objective on Iovance Biotherapeutics from $25.00 to $20.00 and set a "buy" rating for the company in a research note on Friday. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Iovance Biotherapeutics currently has an average rating of "Hold" and a consensus price target of $11.90.

Hedge Funds Weigh In On Iovance Biotherapeutics

Institutional investors have recently made changes to their positions in the business. 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 acquired a new position in shares of Iovance Biotherapeutics during the 4th quarter worth approximately $74,000. Quarry LP acquired a new position in shares of Iovance Biotherapeutics during the 4th quarter worth approximately $74,000. Fullcircle Wealth LLC purchased a new stake in shares of Iovance Biotherapeutics during the fourth quarter worth approximately $74,000. Finally, Accredited Investors Inc. purchased a new stake in Iovance Biotherapeutics in the 1st quarter valued at $33,000. Institutional investors own 77.03% of the company's stock.

Iovance Biotherapeutics Trading Down 5.0%

The business has a fifty day moving average price of $2.22 and a two-hundred day moving average price of $3.22. The firm has a market capitalization of $725.51 million, a PE ratio of -1.63 and a beta of 0.88.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last posted its quarterly 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). The business had revenue of $59.95 million during the quarter, compared to analysts' expectations of $67.14 million. Iovance Biotherapeutics had a negative net margin of 161.44% and a negative return on equity of 52.87%. On average, equities 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.

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