Iovance Biotherapeutics (NASDAQ:IOVA) Sets New 52-Week Low After Analyst Downgrade

Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) hit a new 52-week low during trading on Monday after Piper Sandler lowered their price target on the stock from $10.00 to $7.50. Piper Sandler currently has a neutral rating on the stock. Iovance Biotherapeutics traded as low as $5.52 and last traded at $5.68, with a volume of 734900 shares changing hands. The stock had previously closed at $5.85.

Several other brokerages also recently commented on IOVA. UBS Group initiated coverage on shares of Iovance Biotherapeutics in a report on Thursday, October 24th. They issued a “buy” rating and a $17.00 target price for the company. HC Wainwright restated a “buy” rating and set a $32.00 price target on shares of Iovance Biotherapeutics in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Iovance Biotherapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $22.69.

Insiders Place Their Bets

In other news, Director Ryan D. Maynard sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $10.06, for a total value of $503,000.00. Following the completion of the transaction, the director now directly owns 7,500 shares in the company, valued at approximately $75,450. This trade represents a 86.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 12.10% of the company’s stock.

Institutional Investors Weigh In On Iovance Biotherapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp raised its stake in shares of Iovance Biotherapeutics by 4.6% during the third quarter. State Street Corp now owns 13,201,978 shares of the biotechnology company’s stock worth $123,967,000 after acquiring an additional 576,801 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Iovance Biotherapeutics by 59.0% during the 3rd quarter. Principal Financial Group Inc. now owns 4,033,184 shares of the biotechnology company’s stock valued at $37,872,000 after buying an additional 1,496,941 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Iovance Biotherapeutics during the 4th quarter valued at $12,927,000. Rice Hall James & Associates LLC boosted its stake in Iovance Biotherapeutics by 2.6% in the 3rd quarter. Rice Hall James & Associates LLC now owns 1,679,157 shares of the biotechnology company’s stock worth $15,767,000 after purchasing an additional 43,132 shares in the last quarter. Finally, Barclays PLC boosted its stake in Iovance Biotherapeutics by 118.8% in the 3rd quarter. Barclays PLC now owns 604,584 shares of the biotechnology company’s stock worth $5,677,000 after purchasing an additional 328,284 shares in the last quarter. 77.03% of the stock is owned by hedge funds and other institutional investors.

Iovance Biotherapeutics Stock Performance

The firm has a market cap of $1.75 billion, a PE ratio of -3.87 and a beta of 0.54. The stock has a 50-day simple moving average of $7.41 and a two-hundred day simple moving average of $9.01.

Iovance Biotherapeutics (NASDAQ:IOVA) last issued its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.03. Iovance Biotherapeutics had a negative net margin of 451.25% and a negative return on equity of 58.43%. The firm had revenue of $58.56 million for the quarter, compared to analysts’ expectations of $53.54 million. During the same quarter in the prior year, the business earned ($0.46) EPS. As a group, sell-side analysts anticipate that Iovance Biotherapeutics, Inc. will post -1.23 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.