Iovance Biotherapeutics (NASDAQ:IOVA) Shares Gap Down - Here's What Happened

Key Points

• Iovance Biotherapeutics shares gapped down from $2.69 to $2.57 before opening, with current trading at $2.56 and a volume of 3,809,851 shares.
• Several brokerages have downgraded prices and ratings for Iovance, with UBS cutting its target price to $2.00 and Mizuho lowering its target to $10.00 with an "outperform" rating.
• The company reported a quarterly loss of ($0.33) earnings per share, missing estimates, and had revenue of $59.95 million, below expectations of $67.14 million.

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report) shares gapped down prior to trading on Monday . The stock had previously closed at $2.69, but opened at $2.57. Iovance Biotherapeutics shares last traded at $2.56, with a volume of 3,809,851 shares traded.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. HC Wainwright restated a "buy" rating and issued a $20.00 target price on shares of Iovance Biotherapeutics in a report on Tuesday, August 19th. Barclays lowered their price target on Iovance Biotherapeutics from $5.00 to $4.00 and set an "overweight" rating on the stock in a research report on Monday, May 12th. Wells Fargo & Company decreased their target price on Iovance Biotherapeutics from $18.00 to $14.00 and set an "overweight" rating on the stock in a report on Friday, August 8th. Mizuho cut their price target on Iovance Biotherapeutics from $30.00 to $10.00 and set an "outperform" rating on the stock in a research note on Monday, May 12th. Finally, Baird R W lowered Iovance Biotherapeutics from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 9th. Six equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Iovance Biotherapeutics presently has an average rating of "Hold" and an average target price of $11.90.

Iovance Biotherapeutics Price Performance

The stock has a 50 day simple moving average of $2.34 and a two-hundred day simple moving average of $2.90. The stock has a market capitalization of $806.93 million, a P/E ratio of -1.81 and a beta of 0.88.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. WealthTrust Axiom LLC lifted its holdings in Iovance Biotherapeutics by 80.0% during the 2nd quarter. WealthTrust Axiom LLC now owns 18,000 shares of the biotechnology company's stock worth $31,000 after purchasing an additional 8,000 shares during the last quarter. Accredited Investors Inc. acquired a new position in shares of Iovance Biotherapeutics during the 1st quarter worth $33,000. Diversify Wealth Management LLC acquired a new position in shares of Iovance Biotherapeutics during the 2nd quarter worth $34,000. Flputnam Investment Management Co. acquired a new position in shares of Iovance Biotherapeutics during the 1st quarter worth $37,000. Finally, Blueshift Asset Management LLC bought a new stake in Iovance Biotherapeutics during the 2nd quarter worth $38,000. 77.03% of the stock is currently owned by institutional investors.

About Iovance Biotherapeutics

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.