Iovance Biotherapeutics (NASDAQ:IOVA) Shares Down 7.9% – Here’s Why

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s stock price fell 7.9% during mid-day trading on Monday . The company traded as low as $2.27 and last traded at $2.2750. 4,294,800 shares traded hands during trading, a decline of 69% from the average session volume of 13,692,844 shares. The stock had previously closed at $2.47.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Wells Fargo & Company decreased their target price on shares of Iovance Biotherapeutics from $18.00 to $14.00 and set an “overweight” rating on the stock in a research report on Friday, August 8th. Chardan Capital decreased their price objective on shares of Iovance Biotherapeutics from $20.00 to $17.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Iovance Biotherapeutics in a report on Wednesday, October 8th. Zacks Research upgraded Iovance Biotherapeutics to a “hold” rating in a research note on Tuesday, August 12th. Finally, Barclays raised their target price on Iovance Biotherapeutics from $4.00 to $9.00 and gave the company an “overweight” rating in a report on Monday, November 24th. Six analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $11.00.

Iovance Biotherapeutics Trading Up 4.0%

The firm’s fifty day moving average price is $2.24 and its 200-day moving average price is $2.22. The firm has a market cap of $879.28 million, a price-to-earnings ratio of -1.83 and a beta of 0.83.

Iovance Biotherapeutics (NASDAQ:IOVA) last posted its earnings results on Thursday, November 6th. The biotechnology company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. The business had revenue of $67.46 million for the quarter, compared to analysts’ expectations of $76.20 million. Iovance Biotherapeutics had a negative return on equity of 55.24% and a negative net margin of 158.78%. On average, sell-side analysts expect that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current year.

Hedge Funds Weigh In On Iovance Biotherapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Raymond James Financial Inc. lifted its stake in shares of Iovance Biotherapeutics by 1.4% in the 2nd quarter. Raymond James Financial Inc. now owns 324,098 shares of the biotechnology company’s stock worth $557,000 after acquiring an additional 4,618 shares during the period. R Squared Ltd increased its stake in shares of Iovance Biotherapeutics by 41.4% during the 3rd quarter. R Squared Ltd now owns 16,043 shares of the biotechnology company’s stock worth $35,000 after purchasing an additional 4,700 shares in the last quarter. Avantax Advisory Services Inc. lifted its position in shares of Iovance Biotherapeutics by 39.0% in the first quarter. Avantax Advisory Services Inc. now owns 18,560 shares of the biotechnology company’s stock valued at $62,000 after acquiring an additional 5,205 shares in the last quarter. Flputnam Investment Management Co. boosted its stake in shares of Iovance Biotherapeutics by 35.4% during the 3rd quarter. Flputnam Investment Management Co. now owns 20,289 shares of the biotechnology company’s stock worth $44,000 after purchasing an additional 5,300 shares during the last quarter. Finally, GRIMES & Co WEALTH MANAGEMENT LLC raised its holdings in Iovance Biotherapeutics by 14.6% in the 3rd quarter. GRIMES & Co WEALTH MANAGEMENT LLC now owns 43,345 shares of the biotechnology company’s stock valued at $94,000 after acquiring an additional 5,506 shares during the last quarter. Hedge funds and other institutional investors own 77.03% of the company’s stock.

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.