Zacks Investment Research Downgrades Iovance Biotherapeutics (NASDAQ:IOVA) to Sell

Iovance Biotherapeutics (NASDAQ:IOVA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday, Zacks.com reports.

According to Zacks, “Iovance Biotherapeutics, Inc. is a biopharmaceutical company. It focused on the development and commercialization of cancer immunotherapy products designed to harness the power of a patient’s own immune system to eradicate cancer cells. Iovance Biotherapeutics Inc., formerly known as Lion Biotechnologies Inc., is based in SAN CARLOS, United States. “

IOVA has been the topic of several other research reports. Chardan Capital reissued a “buy” rating and issued a $33.00 target price on shares of Iovance Biotherapeutics in a research note on Thursday, November 21st. JMP Securities initiated coverage on shares of Iovance Biotherapeutics in a research note on Wednesday, December 18th. They issued an “outperform” rating and a $38.00 target price on the stock. HC Wainwright reissued a “buy” rating and issued a $32.00 target price on shares of Iovance Biotherapeutics in a research note on Thursday, November 21st. Cowen reissued a “buy” rating on shares of Iovance Biotherapeutics in a research note on Monday. Finally, Stifel Nicolaus initiated coverage on shares of Iovance Biotherapeutics in a research note on Monday, September 30th. They issued a “buy” rating and a $27.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $31.73.

Shares of IOVA traded down $0.04 during midday trading on Tuesday, hitting $23.64. The stock had a trading volume of 34,157 shares, compared to its average volume of 1,284,662. Iovance Biotherapeutics has a 1 year low of $8.26 and a 1 year high of $29.67. The firm has a market cap of $3.07 billion, a PE ratio of -18.61 and a beta of 2.07. The company has a debt-to-equity ratio of 0.02, a current ratio of 10.61 and a quick ratio of 10.61. The stock’s 50 day moving average is $26.23 and its 200 day moving average is $22.80.

Iovance Biotherapeutics (NASDAQ:IOVA) last announced its earnings results on Monday, November 4th. The biotechnology company reported ($0.40) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.39) by ($0.01). As a group, equities research analysts expect that Iovance Biotherapeutics will post -1.5 earnings per share for the current fiscal year.

Several large investors have recently modified their holdings of IOVA. Tower Research Capital LLC TRC bought a new stake in Iovance Biotherapeutics during the 2nd quarter valued at $29,000. Meeder Asset Management Inc. lifted its holdings in shares of Iovance Biotherapeutics by 453.2% during the 3rd quarter. Meeder Asset Management Inc. now owns 6,356 shares of the biotechnology company’s stock valued at $116,000 after purchasing an additional 5,207 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of Iovance Biotherapeutics by 14.9% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 7,700 shares of the biotechnology company’s stock worth $189,000 after purchasing an additional 1,000 shares in the last quarter. Prudential Financial Inc. acquired a new stake in shares of Iovance Biotherapeutics in the 2nd quarter worth $212,000. Finally, Virtu Financial LLC acquired a new stake in shares of Iovance Biotherapeutics in the 3rd quarter worth $215,000. 98.10% of the stock is currently owned by institutional investors and hedge funds.

About Iovance Biotherapeutics

Iovance Biotherapeutics, Inc, a clinical-stage biotechnology company, focuses on developing and commercializing cancer immunotherapy products to harness the power of a patient's immune system to eradicate cancer cells. The company's lead product candidate is lifileucel, an adoptive cell therapy that is in Phase II clinical trial using tumor-infiltrating lymphocytes (TIL), which are T cells derived from patients' tumors for the treatment of metastatic melanoma.

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