Iovance Biotherapeutics (NASDAQ:IOVA) Shares Gap Down to $13.45

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report)'s share price gapped down before the market opened on Friday . The stock had previously closed at $13.45, but opened at $13.04. Iovance Biotherapeutics shares last traded at $11.94, with a volume of 5,230,534 shares.

Analyst Ratings Changes

Several research firms have commented on IOVA. StockNews.com raised Iovance Biotherapeutics to a "sell" rating in a research report on Friday, February 2nd. HC Wainwright restated a "buy" rating and issued a $32.00 price target on shares of Iovance Biotherapeutics in a report on Friday. Piper Sandler lifted their price objective on shares of Iovance Biotherapeutics from $18.00 to $19.00 and gave the company an "overweight" rating in a research note on Thursday, March 14th. Chardan Capital boosted their target price on shares of Iovance Biotherapeutics from $29.00 to $34.00 and gave the stock a "buy" rating in a research report on Tuesday, February 20th. Finally, The Goldman Sachs Group raised their price target on shares of Iovance Biotherapeutics from $19.00 to $21.00 and gave the company a "buy" rating in a report on Thursday, February 29th. One investment analyst has rated the stock with a sell rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $24.64.

Iovance Biotherapeutics Price Performance

The stock's fifty day simple moving average is $13.71 and its two-hundred day simple moving average is $9.76. The company has a market capitalization of $3.07 billion, a price-to-earnings ratio of -5.84 and a beta of 0.66.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last announced its quarterly earnings results on Thursday, May 9th. The biotechnology company reported ($0.42) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.45) by $0.03. The company had revenue of $0.72 million during the quarter, compared to the consensus estimate of $1.99 million. The company's revenue for the quarter was up 71400.0% on a year-over-year basis. During the same period last year, the business posted ($0.50) EPS. On average, sell-side analysts predict that Iovance Biotherapeutics, Inc. will post -1.4 EPS for the current year.

Insider Activity

In other news, Director Merrill A. Mcpeak acquired 250,000 shares of the business's stock in a transaction that occurred on Tuesday, February 20th. The shares were purchased at an average cost of $9.15 per share, for a total transaction of $2,287,500.00. Following the transaction, the director now directly owns 320,150 shares in the company, valued at approximately $2,929,372.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 10.40% of the company's stock.

Institutional Investors Weigh In On Iovance Biotherapeutics

Large investors have recently made changes to their positions in the company. Kennedy Capital Management LLC increased its position in Iovance Biotherapeutics by 52.3% in the 3rd quarter. Kennedy Capital Management LLC now owns 344,042 shares of the biotechnology company's stock valued at $1,565,000 after acquiring an additional 118,133 shares during the period. Principal Financial Group Inc. raised its position in shares of Iovance Biotherapeutics by 41.3% during the 3rd quarter. Principal Financial Group Inc. now owns 2,643,155 shares of the biotechnology company's stock worth $12,026,000 after buying an additional 772,905 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Iovance Biotherapeutics by 48.7% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 130,287 shares of the biotechnology company's stock worth $1,059,000 after acquiring an additional 42,692 shares during the period. Artisan Partners Limited Partnership boosted its holdings in shares of Iovance Biotherapeutics by 13.8% in the third quarter. Artisan Partners Limited Partnership now owns 5,036,479 shares of the biotechnology company's stock valued at $22,916,000 after acquiring an additional 609,738 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Iovance Biotherapeutics by 8.6% in the third quarter. Vanguard Group Inc. now owns 22,143,470 shares of the biotechnology company's stock valued at $100,753,000 after acquiring an additional 1,748,082 shares in the last quarter. 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.

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