Why Iovance Biotherapeutics Tumbled by Nearly 6% Today
Iovance Biotherapeutics (NASDAQ: IOVA) didn't quite end the stock trading week on a high note. The company's shares were dinged by almost 6% that day, due largely to an analyst's recommendation downgrade. This occurred on a generally positive day for equities, as the S&P 500 index managed to land in the black with a 0.7% rise.
Well before market open, UBS pundit David Dai flipped the switch on his Iovance recommendation, changing it to neutral from his previous buy. Compounding that significantly, he drastically lowered his price target to $2 per share from $17.
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Source Fool.com
