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

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) gapped down prior to trading on Thursday after JMP Securities lowered their price target on the stock from $25.00 to $23.00. The stock had previously closed at $8.00, but opened at $7.82. JMP Securities currently has a market outperform rating on the stock. Iovance Biotherapeutics shares last traded at $7.97, with a volume of 385,532 shares trading hands.

Other analysts have also recently issued reports about the stock. The Goldman Sachs Group lifted their target price on shares of Iovance Biotherapeutics from $19.00 to $21.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Piper Sandler lifted their target price on shares of Iovance Biotherapeutics from $18.00 to $19.00 and gave the company an “overweight” rating in a research note on Thursday, March 14th. HC Wainwright reiterated a “buy” rating and issued a $32.00 target price on shares of Iovance Biotherapeutics in a research note on Friday, May 31st. Wells Fargo & Company lifted their target price on shares of Iovance Biotherapeutics from $22.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, March 1st. Finally, Barclays boosted their price objective on shares of Iovance Biotherapeutics from $18.00 to $22.00 and gave the stock an “overweight” rating in a research note on Thursday, February 29th. One investment analyst has rated the stock with a sell rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Iovance Biotherapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $24.45.

Hedge Funds Weigh In On Iovance Biotherapeutics

Several large investors have recently bought and sold shares of the stock. Diversified Trust Co raised its stake in Iovance Biotherapeutics by 12.3% during the 4th quarter. Diversified Trust Co now owns 13,512 shares of the biotechnology company’s stock valued at $110,000 after purchasing an additional 1,481 shares during the last quarter. Pale Fire Capital SE increased its holdings in Iovance Biotherapeutics by 12.7% in the 4th quarter. Pale Fire Capital SE now owns 17,024 shares of the biotechnology company’s stock valued at $138,000 after buying an additional 1,924 shares during the period. Chicago Partners Investment Group LLC increased its holdings in Iovance Biotherapeutics by 15.0% in the 4th quarter. Chicago Partners Investment Group LLC now owns 20,559 shares of the biotechnology company’s stock valued at $157,000 after buying an additional 2,688 shares during the period. American International Group Inc. increased its holdings in Iovance Biotherapeutics by 2.6% in the 1st quarter. American International Group Inc. now owns 116,951 shares of the biotechnology company’s stock valued at $1,733,000 after buying an additional 2,941 shares during the period. Finally, Raymond James & Associates increased its holdings in Iovance Biotherapeutics by 29.7% in the 4th quarter. Raymond James & Associates now owns 16,910 shares of the biotechnology company’s stock valued at $137,000 after buying an additional 3,868 shares during the period. 77.03% of the stock is currently owned by institutional investors and hedge funds.

Iovance Biotherapeutics Trading Up 0.5 %

The stock has a market cap of $2.24 billion, a P/E ratio of -4.45 and a beta of 0.80. The company’s fifty day simple moving average is $10.38 and its 200-day simple moving average is $10.73.

Iovance Biotherapeutics (NASDAQ:IOVA) last announced its quarterly earnings results on Thursday, May 9th. The biotechnology company reported ($0.42) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.45) by $0.03. The firm had revenue of $0.72 million for the quarter, compared to analyst estimates of $1.99 million. Iovance Biotherapeutics had a negative net margin of 23,615.70% and a negative return on equity of 71.45%. The business’s revenue for the quarter was up 71400.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.50) EPS. As a group, analysts expect that Iovance Biotherapeutics, Inc. will post -1.35 earnings per share for the current fiscal 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.