Iovance Biotherapeutics (NASDAQ:IOVA) Trading Down 5.3% - Time to Sell?

Key Points

• Iovance Biotherapeutics' stock price decreased by 5.3%, trading at $2.77, with trading volume significantly lower than its average daily volume.
• Analysts have revised their ratings and target prices for Iovance, with UBS lowering its rating from "buy" to "neutral" and cutting the price target from $17 to $2.
• The company reported a quarterly earnings miss, with an EPS of ($0.36), which was below the consensus estimate and revenue falling short of expectations at $49.32 million.

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report) was down 5.3% during trading on Wednesday . The stock traded as low as $2.77 and last traded at $2.77. Approximately 3,110,513 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 13,408,847 shares. The stock had previously closed at $2.92.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on IOVA shares. Barclays cut their price target on Iovance Biotherapeutics from $5.00 to $4.00 and set an "overweight" rating for the company in a report on Monday, May 12th. Chardan Capital reiterated a "buy" rating and set a $25.00 target price on shares of Iovance Biotherapeutics in a research note on Wednesday, July 23rd. HC Wainwright decreased their price target on shares of Iovance Biotherapeutics from $32.00 to $20.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Mizuho cut 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 report on Monday, May 12th. Finally, JMP Securities restated a "market perform" rating on shares of Iovance Biotherapeutics in a research note on Friday, May 9th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $12.22.

Iovance Biotherapeutics Stock Up 4.3%

The business has a 50-day simple moving average of $2.14 and a two-hundred day simple moving average of $3.38. The stock has a market capitalization of $894.93 million, a P/E ratio of -2.16 and a beta of 0.87.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last issued its 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). Iovance Biotherapeutics had a negative net margin of 176.49% and a negative return on equity of 49.71%. The firm had revenue of $49.32 million during the quarter, compared to analyst estimates of $83.40 million. During the same quarter in the prior year, the firm posted ($0.42) EPS. The firm's revenue for the quarter was up 6795.1% on a year-over-year basis. On average, sell-side analysts forecast that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current year.

Hedge Funds Weigh In On Iovance Biotherapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Baird Financial Group Inc. raised its stake in shares of Iovance Biotherapeutics by 1.0% in the fourth quarter. Baird Financial Group Inc. now owns 195,845 shares of the biotechnology company's stock valued at $1,449,000 after acquiring an additional 2,000 shares during the last quarter. Algert Global LLC increased its holdings in Iovance Biotherapeutics by 4.3% during the 4th quarter. Algert Global LLC now owns 56,400 shares of the biotechnology company's stock valued at $417,000 after purchasing an additional 2,330 shares in the last quarter. Rockefeller Capital Management L.P. raised its position in Iovance Biotherapeutics by 7.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 46,417 shares of the biotechnology company's stock valued at $343,000 after purchasing an additional 3,266 shares during the last quarter. Summit Investment Advisors Inc. boosted its stake in Iovance Biotherapeutics by 15.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 28,729 shares of the biotechnology company's stock worth $213,000 after purchasing an additional 3,924 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Iovance Biotherapeutics by 16.4% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 29,684 shares of the biotechnology company's stock worth $227,000 after purchasing an additional 4,192 shares during the last quarter. 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.