Iovance Biotherapeutics (NASDAQ:IOVA) Shares Gap Down Following Weak Earnings

Key Points

• Iovance Biotherapeutics reported disappointing quarterly earnings, with earnings per share at ($0.33), missing estimates of ($0.29), and revenue of $59.95 million compared to the expected $67.14 million.
• The company's stock gapped down from $2.64 to an opening price of $1.91, currently trading at $2.16 with a high trading volume of over 14 million shares.
• Several analysts have downgraded their ratings on Iovance, with price targets being significantly reduced, reflecting concerns about the company's financial performance and market outlook.

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report)'s stock price gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $2.64, but opened at $1.91. Iovance Biotherapeutics shares last traded at $2.16, with a volume of 14,395,890 shares traded.

The biotechnology company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.04). The firm had revenue of $59.95 million for the quarter, compared to analysts' expectations of $67.14 million. Iovance Biotherapeutics had a negative return on equity of 51.95% and a negative net margin of 161.44%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on IOVA. Citizens Jmp cut Iovance Biotherapeutics from an "outperform" rating to a "market perform" rating in a report on Friday, May 9th. Barclays lowered their target price on Iovance Biotherapeutics from $5.00 to $4.00 and set an "overweight" rating on the stock in a report on Monday, May 12th. Baird R W cut Iovance Biotherapeutics from a "strong-buy" rating to a "hold" rating in a report on Friday, May 9th. UBS Group cut Iovance Biotherapeutics from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $17.00 to $2.00 in a report on Friday, May 16th. Finally, Truist Financial cut Iovance Biotherapeutics from a "buy" rating to a "hold" rating in a report on Monday, May 12th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Iovance Biotherapeutics has a consensus rating of "Hold" and a consensus price target of $11.90.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in IOVA. Accredited Investors Inc. purchased a new stake in Iovance Biotherapeutics in the first quarter valued at approximately $33,000. WealthTrust Axiom LLC purchased a new stake in Iovance Biotherapeutics in the first quarter valued at approximately $33,000. Flputnam Investment Management Co. purchased a new stake in Iovance Biotherapeutics in the first quarter valued at approximately $37,000. FNY Investment Advisers LLC purchased a new stake in Iovance Biotherapeutics in the first quarter valued at approximately $39,000. Finally, Gould Asset Management LLC CA purchased a new stake in Iovance Biotherapeutics in the first quarter valued at approximately $39,000. 77.03% of the stock is currently owned by institutional investors and hedge funds.

Iovance Biotherapeutics Stock Down 20.1%

The company has a market cap of $704.60 million, a PE ratio of -1.72 and a beta of 0.88. The business has a 50-day simple moving average of $2.22 and a 200-day simple moving average of $3.24.

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.