Iovance Biotherapeutics (NASDAQ:IOVA) Shares Down 4.5% - Here's What Happened

Key Points

• Iovance Biotherapeutics shares fell 4.5%, trading at $2.44, with significant decline in trading volume, down 71% from its average.
• Analysts have downgraded the company, with UBS reducing its price target from $17.00 to $2.00 and a majority rating Iovance as a "Hold."
• The company reported a loss of ($0.33) EPS for the quarter, below analysts' expectations, and its revenue missed projections as well.

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report) fell 4.5% during trading on Monday . The company traded as low as $2.45 and last traded at $2.44. 3,968,708 shares were traded during mid-day trading, a decline of 71% from the average session volume of 13,721,484 shares. The stock had previously closed at $2.55.

Analyst Upgrades and Downgrades

A number of research firms recently commented on IOVA. Truist Financial downgraded shares of Iovance Biotherapeutics from a "buy" rating to a "hold" rating in a report on Monday, May 12th. Mizuho dropped their target price on shares of Iovance Biotherapeutics from $30.00 to $10.00 and set an "outperform" rating on the stock in a report on Monday, May 12th. Baird R W downgraded shares of Iovance Biotherapeutics from a "strong-buy" rating to a "hold" rating in a report on Friday, May 9th. The Goldman Sachs Group lowered shares of Iovance Biotherapeutics from a "neutral" rating to a "sell" rating in a report on Tuesday, July 15th. Finally, Citizens Jmp lowered shares of Iovance Biotherapeutics from an "outperform" rating to a "market perform" rating in a report on Friday, May 9th. Six research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Iovance Biotherapeutics currently has an average rating of "Hold" and a consensus price target of $11.90.

Iovance Biotherapeutics Price Performance

The stock's fifty day moving average price is $2.30 and its 200-day moving average price is $2.99. The firm has a market cap of $973.38 million, a price-to-earnings ratio of -2.19 and a beta of 0.88.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The biotechnology company reported ($0.33) EPS for the quarter, missing analysts' consensus estimates of ($0.29) by ($0.04). The company had revenue of $59.95 million for the quarter, compared to analysts' expectations of $67.14 million. Iovance Biotherapeutics had a negative net margin of 161.44% and a negative return on equity of 52.87%. Iovance Biotherapeutics has set its FY 2025 guidance at EPS. As a group, equities research analysts predict that Iovance Biotherapeutics, Inc. will post -1.24 EPS for the current fiscal year.

Institutional Investors Weigh In On Iovance Biotherapeutics

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Iovance Biotherapeutics by 0.9% in the first quarter. Vanguard Group Inc. now owns 27,777,778 shares of the biotechnology company's stock worth $92,500,000 after acquiring an additional 243,438 shares in the last quarter. Long Focus Capital Management LLC boosted its holdings in shares of Iovance Biotherapeutics by 80.2% during the 1st quarter. Long Focus Capital Management LLC now owns 9,250,055 shares of the biotechnology company's stock worth $30,803,000 after buying an additional 4,118,055 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Iovance Biotherapeutics by 3.7% during the 2nd quarter. Geode Capital Management LLC now owns 6,189,058 shares of the biotechnology company's stock worth $10,646,000 after buying an additional 220,760 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Iovance Biotherapeutics by 202.8% during the 1st 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 period. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Iovance Biotherapeutics by 30.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,571,902 shares of the biotechnology company's stock worth $18,554,000 after buying an additional 1,301,846 shares during the period. Institutional investors and hedge funds 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.