Shares of Iovance Biotherapeutics, Inc. (IOVA) tumbled 5.19% in pre-market trading on Friday after Chardan Capital Markets lowered its price target on the stock. The significant downward adjustment in the price target appears to have sparked investor concerns, leading to the sharp decline in IOVA's stock price.

Chardan reduced its price target for Iovance Biotherapeutics from $20 to $17, representing a 15% decrease. This adjustment comes amid a broader analyst consensus that remains cautiously optimistic about the company. According to FactSet, the average analyst rating for IOVA is "overweight," with a mean price target of $7.75. The disparity between Chardan's new target and the average target suggests a wide range of opinions among analysts regarding the company's future prospects.

Despite the price target reduction, Chardan maintained its "Buy" rating on Iovance Biotherapeutics. This maintained positive outlook, coupled with the higher-than-average price target, indicates that Chardan still sees potential upside for the stock. However, the pre-market plunge suggests that investors are focusing more on the near-term implications of the lowered price target rather than the maintained bullish stance. As the market opens, it remains to be seen how this news will impact IOVA's trading throughout the regular session.