Iovance Biotherapeutics (NASDAQ:IOVA) Shares Down 7.4% – Here’s What Happened

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s stock price dropped 7.4% during trading on Thursday . The company traded as low as $2.58 and last traded at $2.5650. Approximately 3,251,058 shares changed hands during trading, a decline of 70% from the average daily volume of 10,920,678 shares. The stock had previously closed at $2.77.

Analyst Ratings Changes

IOVA has been the subject of several research analyst reports. HC Wainwright lowered their target price on shares of Iovance Biotherapeutics from $20.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, October 29th. Chardan Capital cut their price objective on Iovance Biotherapeutics from $20.00 to $17.00 and set a “buy” rating for the company in a research report on Thursday, November 6th. Barclays lifted their target price on Iovance Biotherapeutics from $9.00 to $10.00 and gave the stock an “overweight” rating in a report on Wednesday, December 17th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Iovance Biotherapeutics in a research note on Wednesday, October 8th. Six research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $11.10.

Iovance Biotherapeutics Trading Down 6.3%

The stock has a market cap of $970.59 million, a P/E ratio of -2.04 and a beta of 0.77. The company has a 50-day moving average price of $2.42 and a two-hundred day moving average price of $2.33.

Iovance Biotherapeutics (NASDAQ:IOVA) last issued its quarterly earnings results on Thursday, November 6th. The biotechnology company reported ($0.25) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. Iovance Biotherapeutics had a negative return on equity of 55.24% and a negative net margin of 158.78%.The company had revenue of $67.46 million during the quarter, compared to the consensus estimate of $76.20 million. As a group, equities analysts forecast that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current fiscal year.

Institutional Trading of Iovance Biotherapeutics

Several institutional investors have recently added to or reduced their stakes in the company. Vontobel Holding Ltd. purchased a new stake in shares of Iovance Biotherapeutics during the third quarter valued at $26,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Iovance Biotherapeutics during the 3rd quarter valued at about $27,000. WealthTrust Axiom LLC raised its stake in shares of Iovance Biotherapeutics by 80.0% during the second quarter. WealthTrust Axiom LLC now owns 18,000 shares of the biotechnology company’s stock valued at $31,000 after acquiring an additional 8,000 shares in the last quarter. Federated Hermes Inc. boosted its holdings in shares of Iovance Biotherapeutics by 67.6% in the third quarter. Federated Hermes Inc. now owns 15,111 shares of the biotechnology company’s stock valued at $33,000 after purchasing an additional 6,095 shares during the period. Finally, Wealthfront Advisers LLC bought a new position in Iovance Biotherapeutics in the third quarter worth approximately $34,000. Institutional investors own 77.03% of the company’s stock.

Iovance Biotherapeutics Company Profile

Iovance Biotherapeutics, Inc is a clinical‐stage biotechnology company specializing in the development and commercialization of tumor‐infiltrating lymphocyte (TIL) immunotherapies for the treatment of solid tumors. The company’s lead product candidate, lifileucel (formerly LN‐144), is an autologous TIL therapy in late‐stage clinical development for patients with advanced melanoma. Iovance’s pipeline also includes next‐generation TIL programs such as LN‐145 for cervical and other human papillomavirus (HPV)‐related cancers, as well as exploratory studies in head and neck, non‐small cell lung, gastric and other solid tumor indications.

Iovance’s TIL platform harnesses a patient’s own immune system by isolating, expanding and reinfusing tumor‐reactive lymphocytes.