Iovance Biotherapeutics (NASDAQ:IOVA) Trading Down 6.6% - Here's Why

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report) shares were down 6.6% during trading on Wednesday . The company traded as low as $1.79 and last traded at $1.76. Approximately 1,413,504 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 8,929,513 shares. The stock had previously closed at $1.88.

Wall Street Analyst Weigh In

Several research firms have commented on IOVA. Citizens Jmp downgraded Iovance Biotherapeutics from an "outperform" rating to a "market perform" rating in a research report on Friday, May 9th. Chardan Capital dropped their price objective on shares of Iovance Biotherapeutics from $30.00 to $25.00 and set a "buy" rating for the company in a report on Friday, May 9th. Piper Sandler reduced their target price on shares of Iovance Biotherapeutics from $7.50 to $6.00 and set a "neutral" rating on the stock in a report on Friday, February 28th. Robert W. Baird dropped their price target on shares of Iovance Biotherapeutics from $24.00 to $20.00 and set an "outperform" rating for the company in a research note on Friday, February 28th. Finally, JMP Securities reiterated a "market perform" rating on shares of Iovance Biotherapeutics in a report on Friday, May 9th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $12.22.

Iovance Biotherapeutics Price Performance

The stock has a fifty day simple moving average of $2.38 and a two-hundred day simple moving average of $4.36. The firm has a market capitalization of $598.40 million, a P/E ratio of -1.44 and a beta of 0.86.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last released its earnings results on Thursday, May 8th. The biotechnology company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.11). The company had revenue of $49.32 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.42) EPS. As a group, sell-side analysts expect that Iovance Biotherapeutics, Inc. will post -1.24 EPS for the current fiscal year.

Institutional Investors Weigh In On Iovance Biotherapeutics

Institutional investors and hedge funds have recently made changes to their positions in the business. Accredited Investors Inc. bought a new position in Iovance Biotherapeutics in the 1st quarter valued at $33,000. WealthTrust Axiom LLC purchased a new position in Iovance Biotherapeutics in the first quarter worth $33,000. AlphaQuest LLC raised its position in Iovance Biotherapeutics by 63.6% during the fourth 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 in the last quarter. SBI Securities Co. Ltd. bought a new stake in Iovance Biotherapeutics during the fourth quarter worth about $36,000. Finally, Flputnam Investment Management Co. purchased a new position in shares of Iovance Biotherapeutics in the 1st quarter worth about $37,000. Institutional investors and hedge funds own 77.03% of the company's stock.

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.

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