Iovance Biotherapeutics (NASDAQ:IOVA) Shares Up 7.1% - Here's What Happened

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report) traded up 7.1% during mid-day trading on Wednesday . The stock traded as high as $1.91 and last traded at $1.90. 3,648,975 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 9,028,739 shares. The stock had previously closed at $1.77.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Baird R W downgraded shares of Iovance Biotherapeutics from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 9th. Citizens Jmp downgraded shares of Iovance Biotherapeutics from an "outperform" rating to a "market perform" rating in a research note on Friday, May 9th. Barclays decreased 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 note on Monday, May 12th. Mizuho decreased 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 note on Monday, May 12th. Finally, HC Wainwright decreased their price objective on shares of Iovance Biotherapeutics from $32.00 to $20.00 and set a "buy" rating for the company in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $12.22.

Iovance Biotherapeutics Trading Down 3.1%

The firm has a 50-day simple moving average of $1.98 and a 200-day simple moving average of $3.81.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last announced its earnings results on Thursday, May 8th. The biotechnology company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.25) by ($0.11). The company had revenue of $49.32 million for the quarter, compared to the consensus estimate of $83.40 million. Iovance Biotherapeutics had a negative net margin of 176.49% and a negative return on equity of 49.71%. The firm's revenue was up 6795.1% compared to the same quarter last year. During the same period last year, the business posted ($0.42) EPS. On average, equities research analysts forecast that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current fiscal year.

Institutional Trading of Iovance Biotherapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Accredited Investors Inc. purchased a new stake in shares of Iovance Biotherapeutics during the 1st quarter valued at $33,000. WealthTrust Axiom LLC purchased a new stake in shares of Iovance Biotherapeutics during the 1st quarter valued at $33,000. AlphaQuest LLC lifted its holdings in shares of Iovance Biotherapeutics by 63.6% during the 4th quarter. AlphaQuest LLC now owns 4,613 shares of the biotechnology company's stock valued at $34,000 after purchasing an additional 1,794 shares during the last quarter. Flputnam Investment Management Co. purchased a new stake in shares of Iovance Biotherapeutics during the 1st quarter valued at $37,000. Finally, FNY Investment Advisers LLC purchased a new stake in shares of Iovance Biotherapeutics during the 1st quarter valued at $39,000. 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.