Iovance Biotherapeutics (NASDAQ:IOVA) Shares Gap Up – Here’s What Happened

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) gapped up prior to trading on Monday . The stock had previously closed at $1.97, but opened at $2.1550. Iovance Biotherapeutics shares last traded at $1.9250, with a volume of 20,018,941 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on IOVA shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Iovance Biotherapeutics in a research note on Wednesday, October 8th. Zacks Research upgraded Iovance Biotherapeutics to a “hold” rating in a research note on Tuesday, August 12th. The Goldman Sachs Group cut Iovance Biotherapeutics from a “neutral” rating to a “sell” rating in a research note on Tuesday, July 15th. Wells Fargo & Company reduced their price objective on Iovance Biotherapeutics from $18.00 to $14.00 and set an “overweight” rating on the stock in a research note on Friday, August 8th. Finally, Chardan Capital dropped their target price on Iovance Biotherapeutics from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Friday, August 8th. Six equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $10.80.

Iovance Biotherapeutics Stock Down 4.3%

The firm has a fifty day simple moving average of $2.22 and a 200-day simple moving average of $2.31. The company has a market cap of $682.09 million, a PE ratio of -1.54 and a beta of 0.83.

Iovance Biotherapeutics (NASDAQ:IOVA) last released its quarterly earnings results on Thursday, August 7th. The biotechnology company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.04). Iovance Biotherapeutics had a negative return on equity of 52.87% and a negative net margin of 161.44%.The company had revenue of $59.95 million for the quarter, compared to analysts’ expectations of $67.14 million. Iovance Biotherapeutics has set its FY 2025 guidance at EPS. Equities research analysts forecast that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iovance Biotherapeutics

Hedge funds have recently added to or reduced their stakes in the company. CM Management LLC lifted its position in Iovance Biotherapeutics by 66.7% in the first quarter. CM Management LLC now owns 500,000 shares of the biotechnology company’s stock valued at $1,665,000 after purchasing an additional 200,000 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Iovance Biotherapeutics by 6.0% during the 1st quarter. Bank of New York Mellon Corp now owns 918,210 shares of the biotechnology company’s stock valued at $3,058,000 after acquiring an additional 52,376 shares during the period. Nuveen LLC acquired a new stake in shares of Iovance Biotherapeutics during the 1st quarter valued at approximately $2,953,000. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Iovance Biotherapeutics during the 1st quarter valued at approximately $4,191,000. Finally, Principal Financial Group Inc. lifted its position in shares of Iovance Biotherapeutics by 28.7% during the 1st quarter. Principal Financial Group Inc. now owns 4,694,122 shares of the biotechnology company’s stock valued at $15,631,000 after acquiring an additional 1,047,335 shares during the period. Institutional investors and hedge funds 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.