Iovance Biotherapeutics (NASDAQ:IOVA) Shares Gap Up - Still a Buy?

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $2.05, but opened at $2.18. Iovance Biotherapeutics shares last traded at $2.19, with a volume of 4,098,656 shares.

Wall Street Analyst Weigh In

IOVA has been the topic of a number of research reports. HC Wainwright reduced their target price on shares of Iovance Biotherapeutics from $32.00 to $20.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Citizens Jmp lowered shares of Iovance Biotherapeutics from an "outperform" rating to a "market perform" rating in a report on Friday, May 9th. Piper Sandler dropped their target price on shares of Iovance Biotherapeutics from $7.50 to $6.00 and set a "neutral" rating on the stock in a report on Friday, February 28th. Truist Financial cut shares of Iovance Biotherapeutics from a "buy" rating to a "hold" rating in a research note on Monday, May 12th. Finally, UBS Group downgraded shares of Iovance Biotherapeutics from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $17.00 to $2.00 in a research report on Friday, May 16th. One analyst has 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 presently has an average rating of "Hold" and a consensus target price of $13.30.

Iovance Biotherapeutics Price Performance

The company has a market cap of $722.97 million, a PE ratio of -1.46 and a beta of 0.86. The business's 50 day moving average is $2.64 and its 200-day moving average is $4.90.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.36) EPS for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.11). Iovance Biotherapeutics had a negative return on equity of 58.43% and a negative net margin of 451.25%. The firm had revenue of $49.32 million for the quarter, compared to analysts' expectations of $83.40 million. During the same quarter last year, the firm earned ($0.42) earnings per share. The business's quarterly revenue was up 6795.1% compared to the same quarter last year. As a group, sell-side analysts predict that Iovance Biotherapeutics, Inc. will post -1.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Accredited Investors Inc. bought a new position in shares of Iovance Biotherapeutics during the first quarter worth $33,000. WealthTrust Axiom LLC bought a new position in Iovance Biotherapeutics in the 1st quarter valued at about $33,000. AlphaQuest LLC raised its holdings in shares of Iovance Biotherapeutics by 63.6% in the 4th quarter. AlphaQuest LLC now owns 4,613 shares of the biotechnology company's stock worth $34,000 after purchasing an additional 1,794 shares during the period. SBI Securities Co. Ltd. bought a new position in Iovance Biotherapeutics in the 4th quarter worth about $36,000. Finally, Flputnam Investment Management Co. bought a new position in shares of Iovance Biotherapeutics in the first quarter worth approximately $37,000. 77.03% of the stock is currently owned by institutional investors and hedge funds.

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.

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