Iovance Biotherapeutics (NASDAQ:IOVA) Stock Price Down 7.4% - Here's What Happened

Key Points

• Shares fell about 7.4% Wednesday to roughly $3.43 on noticeably lighter trading, with volume down about 73% versus the stock's average daily turnover.
• Analyst coverage is mixed—six Buys, four Holds and two Sells—giving an overall consensus "Hold" rating and an average price target of $8.88.
• Iovance has a market cap of about $1.42 billion and beat last quarter's EPS and revenue estimates, but remains unprofitable (negative PE and margins); its lead program is the late‑stage TIL therapy lifileucel.

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report)'s share price dropped 7.4% on Wednesday . The company traded as low as $3.54 and last traded at $3.4280. Approximately 4,026,236 shares traded hands during trading, a decline of 73% from the average daily volume of 14,953,862 shares. The stock had previously closed at $3.70.

Analyst Ratings Changes

Several research analysts have commented on IOVA shares. Weiss Ratings reissued a "sell (d-)" rating on shares of Iovance Biotherapeutics in a report on Monday, April 6th. Citizens Jmp upgraded Iovance Biotherapeutics from a "market perform" rating to a "market outperform" rating and set a $5.00 price objective on the stock in a research report on Tuesday, March 3rd. UBS Group boosted their target price on Iovance Biotherapeutics from $2.00 to $4.00 and gave the stock a "neutral" rating in a research report on Thursday, March 5th. Truist Financial upgraded Iovance Biotherapeutics to a "hold" rating in a research note on Wednesday, March 25th. Finally, Wall Street Zen raised Iovance Biotherapeutics from a "sell" rating to a "hold" rating in a report on Saturday, February 28th. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $8.88.

Iovance Biotherapeutics Stock Down 7.2%

The company has a market capitalization of $1.42 billion, a PE ratio of -3.06 and a beta of 0.76. The firm's 50-day moving average is $3.66 and its 200-day moving average is $2.84.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last posted its quarterly earnings data on Tuesday, February 24th. The biotechnology company reported ($0.18) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.22) by $0.04. The firm had revenue of $86.77 million during the quarter, compared to analysts' expectations of $81.61 million. Iovance Biotherapeutics had a negative return on equity of 54.54% and a negative net margin of 148.41%. As a group, equities research analysts predict that Iovance Biotherapeutics, Inc. will post -0.56 EPS for the current year.

Institutional Trading of Iovance Biotherapeutics

Hedge funds have recently added to or reduced their stakes in the business. Vontobel Holding Ltd. purchased a new position in shares of Iovance Biotherapeutics in the third quarter worth about $26,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Iovance Biotherapeutics during the 3rd quarter worth approximately $27,000. Arcataur Capital Management LLC purchased a new position in Iovance Biotherapeutics in the 4th quarter worth approximately $29,000. Granite Investment Partners LLC bought a new stake in Iovance Biotherapeutics in the fourth quarter valued at approximately $29,000. Finally, Motley Fool Asset Management LLC purchased a new stake in shares of Iovance Biotherapeutics during the fourth quarter valued at approximately $29,000. 77.03% of the stock is owned by institutional investors.

Iovance Biotherapeutics Company Profile

Iovance Biotherapeutics, Inc is a clinical‐stage biotechnology company specializing in the development and commercialization of tumor‐infiltrating lymphocyte (TIL) immunotherapies for the treatment of solid tumors. The company's lead product candidate, lifileucel (formerly LN‐144), is an autologous TIL therapy in late‐stage clinical development for patients with advanced melanoma. Iovance's pipeline also includes next‐generation TIL programs such as LN‐145 for cervical and other human papillomavirus (HPV)‐related cancers, as well as exploratory studies in head and neck, non‐small cell lung, gastric and other solid tumor indications.

Iovance's TIL platform harnesses a patient's own immune system by isolating, expanding and reinfusing tumor‐reactive lymphocytes.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.