Iovance Biotherapeutics (NASDAQ:IOVA) Trading Down 4% - Time to Sell?

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report)'s stock price traded down 4% during mid-day trading on Wednesday . The company traded as low as $2.27 and last traded at $2.29. 7,919,012 shares were traded during mid-day trading, a decline of 11% from the average session volume of 8,851,623 shares. The stock had previously closed at $2.38.

Analyst Upgrades and Downgrades

IOVA has been the topic of a number of research reports. Mizuho cut their price target on Iovance Biotherapeutics from $30.00 to $10.00 and set an "outperform" rating on the stock in a report on Monday, May 12th. UBS Group downgraded Iovance Biotherapeutics from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $17.00 to $2.00 in a research report on Friday, May 16th. Truist Financial downgraded Iovance Biotherapeutics from a "buy" rating to a "hold" rating in a report on Monday, May 12th. Citizens Jmp lowered Iovance Biotherapeutics from an "outperform" rating to a "market perform" rating in a research report on Friday, May 9th. Finally, Baird R W lowered Iovance Biotherapeutics from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $13.30.

Iovance Biotherapeutics Stock Performance

The business's 50-day moving average price is $2.55 and its 200-day moving average price is $4.73. The stock has a market cap of $748.01 million, a P/E ratio of -1.50 and a beta of 0.86.

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

Hedge Funds Weigh In On Iovance Biotherapeutics

A number of hedge funds have recently added to or reduced their stakes in IOVA. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings 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 worth $19,239,000 after buying an additional 3,869,617 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Iovance Biotherapeutics by 30.5% during the first quarter. Goldman Sachs Group Inc. now owns 5,571,902 shares of the biotechnology company's stock worth $18,554,000 after purchasing an additional 1,301,846 shares during the period. Teza Capital Management LLC purchased a new stake in shares of Iovance Biotherapeutics in the 1st quarter valued at approximately $51,000. Invenomic Capital Management LP acquired a new position in shares of Iovance Biotherapeutics in the first quarter valued at approximately $18,281,000. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in Iovance Biotherapeutics during the 1st quarter worth approximately $4,191,000. 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.