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

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) fell 7.4% during trading on Wednesday . The stock traded as low as $3.54 and last traded at $3.4280. 4,026,236 shares were traded during mid-day trading, a decline of 73% from the average session volume of 14,953,862 shares. The stock had previously closed at $3.70.

Wall Street Analysts Forecast Growth

IOVA has been the topic of a number of recent analyst reports. UBS Group raised their price target on shares of Iovance Biotherapeutics from $2.00 to $4.00 and gave the stock a “neutral” rating in a report on Thursday, March 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Iovance Biotherapeutics in a research note on Monday, April 6th. Wall Street Zen raised Iovance Biotherapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Truist Financial upgraded Iovance Biotherapeutics to a “hold” rating in a report on Wednesday, March 25th. Finally, Chardan Capital reissued a “buy” rating and set a $16.00 target price on shares of Iovance Biotherapeutics in a research note on Friday, April 10th. Six analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Iovance Biotherapeutics presently has a consensus rating of “Hold” and an average target price of $8.88.

Iovance Biotherapeutics Price Performance

The stock’s 50 day moving average is $3.66 and its 200-day moving average is $2.84. The company has a market capitalization of $1.42 billion, a P/E ratio of -3.06 and a beta of 0.76.

Iovance Biotherapeutics (NASDAQ:IOVA) last posted its earnings results on Tuesday, February 24th. The biotechnology company reported ($0.18) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.04. The firm had revenue of $86.77 million for the quarter, compared to the consensus estimate of $81.61 million. Iovance Biotherapeutics had a negative return on equity of 54.54% and a negative net margin of 148.41%. On average, equities research analysts anticipate that Iovance Biotherapeutics, Inc. will post -0.56 EPS for the current year.

Institutional Trading of Iovance Biotherapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of IOVA. Invenomic Capital Management LP boosted its stake in Iovance Biotherapeutics by 27.1% during the third quarter. Invenomic Capital Management LP now owns 10,541,608 shares of the biotechnology company’s stock worth $22,875,000 after acquiring an additional 2,246,945 shares in the last quarter. Mirador Capital Partners LP boosted its position in shares of Iovance Biotherapeutics by 100.9% in the 4th quarter. Mirador Capital Partners LP now owns 1,034,544 shares of the biotechnology company’s stock worth $2,824,000 after purchasing an additional 519,519 shares in the last quarter. Aberdeen Group plc grew its stake in shares of Iovance Biotherapeutics by 25.1% in the 4th quarter. Aberdeen Group plc now owns 759,522 shares of the biotechnology company’s stock worth $2,073,000 after buying an additional 152,312 shares during the last quarter. Rhenman & Partners Asset Management AB increased its position in Iovance Biotherapeutics by 69.5% during the 3rd quarter. Rhenman & Partners Asset Management AB now owns 1,097,827 shares of the biotechnology company’s stock valued at $2,382,000 after buying an additional 450,000 shares in the last quarter. Finally, Rafferty Asset Management LLC raised its stake in Iovance Biotherapeutics by 65.1% during the third quarter. Rafferty Asset Management LLC now owns 482,975 shares of the biotechnology company’s stock valued at $1,048,000 after buying an additional 190,522 shares during the last quarter. 77.03% of the stock is owned by hedge funds and other institutional investors.

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.