Iovance Biotherapeutics (NASDAQ:IOVA) Shares Drop 5.8% Following Analyst Downgrade

Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report) declined by 5.8% on Tuesday after Truist Financial adjusted their price target for the stock from $25.00 down to $15.00. Despite this change, Truist Financial maintains a buy rating on the shares. On this day, Iovance Biotherapeutics saw its stock price dip as low as $3.75 before closing at $3.81. During the trading session, approximately 8,646,339 shares were exchanged, marking a 12% decrease in volume compared to the average daily trading volume of 9,853,721 shares, which had previously closed at $4.04.

Other analysts have also published recent reports regarding Iovance Biotherapeutics. For example, Robert W. Baird reduced their target price from $24.00 to $20.00 while maintaining an "outperform" rating. Similarly, Chardan Capital lowered their target price from $34.00 to $30.00 with a "buy" rating. On Friday, HC Wainwright reiterated its "buy" rating and set a price target of $32.00. In contrast, Piper Sandler adjusted their price objective downward from $7.50 to $6.00, rating the stock as "neutral." Additionally, The Goldman Sachs Group revised their target price from $22.00 to $19.00 while keeping a buy rating. Overall, one research analyst has assigned the stock a sell rating, one has a hold rating, and seven have issued buy ratings. As reported by MarketBeat.com, Iovance Biotherapeutics holds a consensus rating of "Moderate Buy" with an average target price of $20.25.

Changes in Hedge Fund Holdings of Iovance Biotherapeutics

Several hedge funds have recently altered their positions in Iovance Biotherapeutics. For instance, AlphaQuest LLC increased its holdings by 63.6% during the fourth quarter, acquiring an additional 1,794 shares and raising their total ownership to 4,613 shares worth about $34,000. SBI Securities Co. Ltd. also entered a new position during the same quarter, estimated at around $36,000. Meanwhile, GF Fund Management CO. LTD. invested in the company for approximately $47,000, and both One68 Global Capital LLC and Quarry LP purchased new stakes each valued at approximately $74,000. Currently, hedge funds and institutional investors collectively hold 77.03% of Iovance Biotherapeutics stock.

Current Stock Performance of Iovance Biotherapeutics

The stock has a 50-day simple moving average of $6.14 and a 200-day moving average of $8.50. Iovance Biotherapeutics has a market capitalization of $1.17 billion, a price-to-earnings ratio of -2.57, and a beta value of 0.53.

Recent Earnings Report

On February 27th, Iovance Biotherapeutics released its latest earnings report, revealing a loss of ($0.26) per share, aligning with analysts' expectations. The company also reported a negative return on equity of 58.43% and a considerable negative net margin of 451.25%. Revenue for the quarter was reported at $73.69 million, slightly exceeding analysts’ forecasts of $72.17 million. Looking ahead, analysts predict that Iovance Biotherapeutics will report an EPS of -1.24 for the current fiscal year.

Overview of Iovance Biotherapeutics

Iovance Biotherapeutics, Inc. is a commercial-stage biotechnology firm focused on developing and marketing cell therapies using autologous tumor infiltrating lymphocyte for treating metastatic melanoma and other solid tumors in the United States. The company currently offers Amtagvi, a tumor-derived autologous T cell immunotherapy for adult patients with unresectable or metastatic melanoma, and Proleukin, which is an interleukin-2 product used for patients with metastatic renal cell carcinoma.

Iovance, Downgrade, Stock