Iovance Biotherapeutics (NASDAQ:IOVA) Stock Price Down 7.8% – Time to Sell?

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) shares traded down 7.8% during mid-day trading on Friday . The stock traded as low as $6.61 and last traded at $6.61. 4,333,325 shares changed hands during mid-day trading, a decline of 36% from the average session volume of 6,727,354 shares. The stock had previously closed at $7.17.

Analyst Upgrades and Downgrades

A number of brokerages have commented on IOVA. UBS Group initiated coverage on Iovance Biotherapeutics in a report on Thursday, October 24th. They issued a “buy” rating and a $17.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and set a $32.00 price target on shares of Iovance Biotherapeutics in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Iovance Biotherapeutics presently has an average rating of “Moderate Buy” and an average target price of $23.00.

Iovance Biotherapeutics Price Performance

The firm has a market cap of $1.96 billion, a P/E ratio of -4.31 and a beta of 0.57. The company’s 50-day moving average is $8.62 and its two-hundred day moving average is $9.22.

Iovance Biotherapeutics (NASDAQ:IOVA) last posted its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.03. The business had revenue of $58.56 million for the quarter, compared to analyst estimates of $53.54 million. Iovance Biotherapeutics had a negative net margin of 451.25% and a negative return on equity of 58.43%. During the same quarter last year, the business posted ($0.46) EPS. On average, analysts expect that Iovance Biotherapeutics, Inc. will post -1.23 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Ryan D. Maynard sold 50,000 shares of the company’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $10.06, for a total transaction of $503,000.00. Following the completion of the transaction, the director now directly owns 7,500 shares in the company, valued at approximately $75,450. This represents a 86.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 12.10% of the company’s stock.

Institutional Investors Weigh In On Iovance Biotherapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of IOVA. Quest Partners LLC boosted its stake in shares of Iovance Biotherapeutics by 1,237.7% during the second quarter. Quest Partners LLC now owns 5,003 shares of the biotechnology company’s stock valued at $40,000 after purchasing an additional 4,629 shares in the last quarter. EverSource Wealth Advisors LLC acquired a new stake in Iovance Biotherapeutics during the 2nd quarter worth approximately $58,000. Daiwa Securities Group Inc. grew its holdings in Iovance Biotherapeutics by 754.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 8,813 shares of the biotechnology company’s stock worth $71,000 after acquiring an additional 7,781 shares during the last quarter. ORG Wealth Partners LLC acquired a new position in Iovance Biotherapeutics in the 3rd quarter valued at approximately $89,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Iovance Biotherapeutics by 31.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,978 shares of the biotechnology company’s stock valued at $105,000 after acquiring an additional 2,624 shares during the last quarter. 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.