Iovance Biotherapeutics (NASDAQ:IOVA) Trading Down 6%

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA – Get Rating) shares fell 6% during trading on Wednesday . The company traded as low as $8.43 and last traded at $8.52. 1,394,224 shares were traded during mid-day trading, a decline of 66% from the average session volume of 4,089,191 shares. The stock had previously closed at $9.06.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on IOVA. Piper Sandler upgraded Iovance Biotherapeutics from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $11.00 to $14.00 in a research report on Friday, January 27th. Robert W. Baird increased their price objective on Iovance Biotherapeutics from $20.00 to $23.00 in a research report on Tuesday. Oppenheimer decreased their price objective on Iovance Biotherapeutics from $25.00 to $15.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 1st. HC Wainwright restated a “buy” rating and issued a $38.00 price target on shares of Iovance Biotherapeutics in a research report on Wednesday, March 1st. Finally, Wells Fargo & Company restated an “equal weight” rating and issued a $11.00 price target on shares of Iovance Biotherapeutics in a research report on Monday, March 27th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Iovance Biotherapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.00.

Iovance Biotherapeutics Stock Down 4.7 %

The business has a 50-day moving average of $6.44 and a 200-day moving average of $6.76.

Iovance Biotherapeutics (NASDAQ:IOVA – Get Rating) last released its earnings results on Tuesday, May 9th. The biotechnology company reported ($0.50) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.84) by $0.34. During the same period last year, the company posted ($0.58) earnings per share. Research analysts expect that Iovance Biotherapeutics, Inc. will post -2.44 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 the stock. Envestnet Asset Management Inc. increased its position in Iovance Biotherapeutics by 17.6% during the first quarter. Envestnet Asset Management Inc. now owns 14,017 shares of the biotechnology company’s stock worth $233,000 after buying an additional 2,099 shares during the last quarter. Rice Hall James & Associates LLC boosted its stake in shares of Iovance Biotherapeutics by 71.8% in the first quarter. Rice Hall James & Associates LLC now owns 1,085,121 shares of the biotechnology company’s stock valued at $18,067,000 after buying an additional 453,337 shares during the period. Raymond James & Associates boosted its stake in shares of Iovance Biotherapeutics by 53.3% in the first quarter. Raymond James & Associates now owns 15,386 shares of the biotechnology company’s stock valued at $256,000 after buying an additional 5,350 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Iovance Biotherapeutics by 6.3% in the first quarter. Bank of New York Mellon Corp now owns 1,772,007 shares of the biotechnology company’s stock valued at $29,504,000 after buying an additional 104,913 shares during the period. Finally, AlphaCrest Capital Management LLC boosted its stake in shares of Iovance Biotherapeutics by 11.7% in the first quarter. AlphaCrest Capital Management LLC now owns 17,538 shares of the biotechnology company’s stock valued at $292,000 after buying an additional 1,838 shares during the period. Institutional investors and hedge funds own 96.78% of the company’s stock.

Iovance Biotherapeutics Company Profile

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Iovance Biotherapeutics, Inc is a biopharmaceutical company, which engages in the development and commercialization of cell therapies as novel cancer immunotherapy products. Its lead product candidate, LN-144 for metastatic melanoma, is an autologous adoptive cell therapy utilizing tumor-infiltrating lymphocytes (TIL), which are T cells derived from patients’ tumors.