Iovance Biotherapeutics (NASDAQ:IOVA) Trading Down 5% Following 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 traded down 5% 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. 7,302,746 shares changed hands during mid-day trading, a decline of 47% from the average session volume of 13,744,600 shares. The stock had previously closed at $2.11.

IOVA has been the subject of several other reports. JMP Securities reissued a "market perform" rating on shares of Iovance Biotherapeutics in a report on Friday, May 9th. Barclays cut their price target on shares of Iovance Biotherapeutics from $5.00 to $4.00 and set an "overweight" rating for the company in a report on Monday, May 12th. Citizens Jmp downgraded shares of Iovance Biotherapeutics from an "outperform" rating to a "market perform" rating in a report on Friday, May 9th. HC Wainwright cut their price target on shares of Iovance Biotherapeutics from $32.00 to $20.00 and set a "buy" rating for the company in a report on Friday, May 9th. Finally, Chardan Capital cut their price target on shares of Iovance Biotherapeutics from $25.00 to $20.00 and set a "buy" rating for the company in a report on Friday, August 8th. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, Iovance Biotherapeutics has an average rating of "Hold" and an average price target of $11.90.

Institutional Trading of Iovance Biotherapeutics

Several hedge funds have recently added to or reduced their stakes in IOVA. Invenomic Capital Management LP bought a new stake in Iovance Biotherapeutics in the first quarter worth $18,281,000. Long Focus Capital Management LLC lifted its stake in Iovance Biotherapeutics by 80.2% in the first quarter. Long Focus Capital Management LLC now owns 9,250,055 shares of the biotechnology company's stock worth $30,803,000 after purchasing an additional 4,118,055 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Iovance Biotherapeutics by 202.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,777,344 shares of the biotechnology company's stock valued at $19,239,000 after acquiring an additional 3,869,617 shares during the last quarter. Man Group plc bought a new position in shares of Iovance Biotherapeutics during the fourth quarter valued at about $17,871,000. Finally, Goldman Sachs Group Inc. raised its stake in shares of Iovance Biotherapeutics by 30.5% during the first quarter. Goldman Sachs Group Inc. now owns 5,571,902 shares of the biotechnology company's stock valued at $18,554,000 after acquiring an additional 1,301,846 shares during the last quarter. 77.03% of the stock is owned by institutional investors.

Iovance Biotherapeutics Price Performance

The stock has a market capitalization of $922.72 million, a P/E ratio of -2.07 and a beta of 0.88. The firm's 50 day moving average price is $2.27 and its 200 day moving average price is $3.13.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The biotechnology company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.04). The firm had revenue of $59.95 million for the quarter, compared to the consensus estimate 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 research analysts forecast that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current 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.