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

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $1.87, but opened at $1.96. Iovance Biotherapeutics shares last traded at $2.01, with a volume of 5,445,835 shares.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on IOVA. Mizuho reduced their price objective on shares of Iovance Biotherapeutics from $30.00 to $10.00 and set an "outperform" rating for the company in a research report on Monday, May 12th. Barclays reduced their price objective on shares of Iovance Biotherapeutics from $5.00 to $4.00 and set an "overweight" rating for the company in a research report on Monday, May 12th. Chardan Capital reduced their price objective on shares of Iovance Biotherapeutics from $30.00 to $25.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Truist Financial cut shares of Iovance Biotherapeutics from a "buy" rating to a "hold" rating in a research report on Monday, May 12th. Finally, Baird R W cut shares of Iovance Biotherapeutics from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 9th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $12.22.

Iovance Biotherapeutics Price Performance

The company's 50 day simple moving average is $1.91 and its two-hundred day simple moving average is $3.72. The company has a market cap of $744.66 million, a PE ratio of -1.80 and a beta of 0.85.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.11). Iovance Biotherapeutics had a negative net margin of 176.49% and a negative return on equity of 49.71%. The business had revenue of $49.32 million during the quarter, compared to analysts' expectations of $83.40 million. During the same period in the previous year, the business posted ($0.42) EPS. The company's revenue for the quarter was up 6795.1% compared to the same quarter last year. Sell-side analysts expect that Iovance Biotherapeutics, Inc. will post -1.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Iovance Biotherapeutics by 202.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,777,344 shares of the biotechnology company's stock valued at $19,239,000 after purchasing an additional 3,869,617 shares during the period. Goldman Sachs Group Inc. lifted its stake in Iovance Biotherapeutics by 30.5% in the first quarter. Goldman Sachs Group Inc. now owns 5,571,902 shares of the biotechnology company's stock worth $18,554,000 after acquiring an additional 1,301,846 shares during the last quarter. Teza Capital Management LLC purchased a new position in Iovance Biotherapeutics in the first quarter worth approximately $51,000. Invenomic Capital Management LP purchased a new position in Iovance Biotherapeutics in the first quarter worth approximately $18,281,000. Finally, Jacobs Levy Equity Management Inc. purchased a new position in Iovance Biotherapeutics in the first quarter worth approximately $4,191,000. Hedge funds and other 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.