Iovance Biotherapeutics (NASDAQ:IOVA) Downgraded by UBS Group to Neutral

Iovance Biotherapeutics (NASDAQ:IOVA) was downgraded by analysts at UBS Group from a “buy” rating to a “neutral” rating in a research note issued on Friday, MarketBeat reports. They currently have a $2.00 price target on the biotechnology company’s stock, down from their previous price target of $17.00. UBS Group’s price objective would suggest a potential upside of 13.64% from the stock’s previous close.

A number of other analysts also recently issued reports on the stock. Citizens Jmp downgraded shares of Iovance Biotherapeutics from an “outperform” rating to a “market perform” rating in a report on Friday, May 9th. Baird R W lowered shares of Iovance Biotherapeutics from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 9th. The Goldman Sachs Group reduced their price objective on Iovance Biotherapeutics from $16.00 to $8.00 and set a “buy” rating for the company in a research note on Monday. Piper Sandler cut their target price on shares of Iovance Biotherapeutics from $7.50 to $6.00 and set a “neutral” rating on the stock in a report on Friday, February 28th. Finally, Barclays decreased their price target on shares of Iovance Biotherapeutics from $5.00 to $4.00 and set an “overweight” rating for the company in a research note on Monday. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $13.30.

Iovance Biotherapeutics Stock Performance

NASDAQ:IOVA opened at $1.76 on Friday. Iovance Biotherapeutics has a one year low of $1.65 and a one year high of $12.51. The stock has a market cap of $587.72 million, a PE ratio of -1.18 and a beta of 1.06. The stock has a 50 day moving average price of $3.20 and a 200 day moving average price of $5.88.

Iovance Biotherapeutics (NASDAQ:IOVA) last posted its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.11). Iovance Biotherapeutics had a negative return on equity of 58.43% and a negative net margin of 451.25%. The company had revenue of $49.32 million for the quarter, compared to analysts’ expectations of $83.40 million. During the same quarter in the prior year, the firm earned ($0.42) EPS. The firm’s revenue was up 6795.1% on a year-over-year basis. As a group, analysts predict that Iovance Biotherapeutics will post -1.24 earnings per share for the current fiscal year.

Institutional Trading of Iovance Biotherapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Accredited Investors Inc. purchased a new position in Iovance Biotherapeutics in the first quarter valued at about $33,000. WealthTrust Axiom LLC acquired a new position in Iovance Biotherapeutics during the first quarter worth $33,000. AlphaQuest LLC boosted its position in Iovance Biotherapeutics by 63.6% during the fourth quarter. AlphaQuest LLC now owns 4,613 shares of the biotechnology company’s stock worth $34,000 after purchasing an additional 1,794 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in Iovance Biotherapeutics in the fourth quarter valued at $36,000. Finally, Flputnam Investment Management Co. purchased a new position in shares of Iovance Biotherapeutics in the first quarter valued at $37,000. Institutional investors and hedge funds own 77.03% of the company’s stock.

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.