Iovance Biotherapeutics (NASDAQ:IOVA) Trading Down 7.1% - Here's What Happened

Key Points

• Shares fell 7.1%, last trading at $2.5350 on Friday with 7.29 million shares changing hands—about 36% below the average daily volume.
• Analysts are mixed: MarketBeat shows a consensus rating of "Hold" with a $11.10 consensus price target, while recent firm moves range from price-target cuts (Chardan, HC Wainwright) to a raise by Barclays.
• Iovance beat Q3 EPS estimates (reported -$0.25 vs. -$0.29 expected) but missed revenue ($67.5M vs. $76.2M expected) and remains unprofitable with deeply negative margins and an expected FY EPS of -1.24.

Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report) traded down 7.1% on Friday . The company traded as low as $2.56 and last traded at $2.5350. 7,290,435 shares traded hands during mid-day trading, a decline of 36% from the average session volume of 11,325,781 shares. The stock had previously closed at $2.73.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Chardan Capital decreased their price target on Iovance Biotherapeutics from $20.00 to $17.00 and set a "buy" rating for the company in a research note on Thursday, November 6th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Iovance Biotherapeutics in a research note on Wednesday, October 8th. HC Wainwright lowered their price target on Iovance Biotherapeutics from $20.00 to $9.00 and set a "buy" rating on the stock in a research report on Wednesday, October 29th. Finally, Barclays raised their price target on Iovance Biotherapeutics from $9.00 to $10.00 and gave the company an "overweight" rating in a report on Wednesday, December 17th. Six analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Iovance Biotherapeutics currently has a consensus rating of "Hold" and a consensus price target of $11.10.

Iovance Biotherapeutics Price Performance

The company has a 50 day moving average price of $2.37 and a 200 day moving average price of $2.31. The firm has a market cap of $1.01 billion, a PE ratio of -2.11 and a beta of 0.77.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last announced its quarterly earnings data on Thursday, November 6th. The biotechnology company reported ($0.25) earnings per share for the quarter, topping analysts' consensus estimates of ($0.29) by $0.04. The firm had revenue of $67.46 million for the quarter, compared to analyst estimates of $76.20 million. Iovance Biotherapeutics had a negative return on equity of 55.24% and a negative net margin of 158.78%. On average, equities analysts anticipate that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iovance Biotherapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Invenomic Capital Management LP grew its holdings in shares of Iovance Biotherapeutics by 27.1% during the 3rd quarter. Invenomic Capital Management LP now owns 10,541,608 shares of the biotechnology company's stock valued at $22,875,000 after acquiring an additional 2,246,945 shares in the last quarter. Palo Alto Investors LP lifted its holdings in shares of Iovance Biotherapeutics by 122.1% during the 3rd quarter. Palo Alto Investors LP now owns 7,618,132 shares of the biotechnology company's stock valued at $16,531,000 after buying an additional 4,188,803 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Iovance Biotherapeutics by 55.8% in the 3rd quarter. Bank of America Corp DE now owns 6,279,230 shares of the biotechnology company's stock valued at $13,626,000 after buying an additional 2,249,662 shares in the last quarter. Geode Capital Management LLC increased its holdings in Iovance Biotherapeutics by 3.7% in the second 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 last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Iovance Biotherapeutics by 202.8% in the first 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 acquiring an additional 3,869,617 shares in the last quarter. Hedge funds and other institutional investors own 77.03% of the company's stock.

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.

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