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

Key Points

• Iovance Biotherapeutics shares gapped up to $2.1550 from a previous close of $1.97, with a trading volume of over 20 million shares.
• Analyst ratings are mixed, with six "Buy," seven "Hold," and two "Sell" ratings, and a recent average price target of $10.80.
• The company reported a quarterly EPS loss of ($0.33), falling short of analysts' expectations and setting FY 2025 guidance at negative earnings.

Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $1.97, but opened at $2.1550. Iovance Biotherapeutics shares last traded at $1.9250, with a volume of 20,018,941 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on IOVA shares. Chardan Capital dropped their price target on Iovance Biotherapeutics from $25.00 to $20.00 and set a "buy" rating for the company in a research report on Friday, August 8th. HC Wainwright decreased their price objective on Iovance Biotherapeutics from $20.00 to $9.00 and set a "buy" rating on the stock in a report on Wednesday, October 29th. The Goldman Sachs Group cut Iovance Biotherapeutics from a "neutral" rating to a "sell" rating in a report on Tuesday, July 15th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Iovance Biotherapeutics in a report on Wednesday, October 8th. Finally, Zacks Research upgraded Iovance Biotherapeutics to a "hold" rating in a report on Tuesday, August 12th. Six analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $10.80.

Iovance Biotherapeutics Price Performance

The stock has a market capitalization of $682.09 million, a price-to-earnings ratio of -1.54 and a beta of 0.83. The business has a fifty day moving average of $2.22 and a 200 day moving average of $2.31.

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. CM Management LLC lifted its stake in Iovance Biotherapeutics by 66.7% during the first quarter. CM Management LLC now owns 500,000 shares of the biotechnology company's stock worth $1,665,000 after purchasing an additional 200,000 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Iovance Biotherapeutics by 6.0% during the first quarter. Bank of New York Mellon Corp now owns 918,210 shares of the biotechnology company's stock worth $3,058,000 after purchasing an additional 52,376 shares in the last quarter. Nuveen LLC acquired a new position in Iovance Biotherapeutics during the first quarter worth $2,953,000. Jacobs Levy Equity Management Inc. acquired a new position in Iovance Biotherapeutics during the first quarter worth $4,191,000. Finally, Principal Financial Group Inc. raised its stake in shares of Iovance Biotherapeutics by 28.7% in the first quarter. Principal Financial Group Inc. now owns 4,694,122 shares of the biotechnology company's stock valued at $15,631,000 after acquiring an additional 1,047,335 shares in the last quarter. 77.03% of the stock is currently owned by institutional investors and hedge funds.

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.

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