Iovance Biotherapeutics (NASDAQ:IOVA) Stock Price Down 6.2% - Here's Why

Key Points

• Iovance Biotherapeutics shares fell 6.2% to approximately $13.27 in midday trading, while volume was about 91% below the average daily level.
• Analyst sentiment remains broadly positive, with nine Buy ratings and a consensus “Moderate Buy” rating, although the average price target of $12.40 is below the current share price.
• The company exceeded quarterly expectations, reporting a loss of $0.11 per share versus the forecasted $0.13 loss and revenue of $99.31 million, up 65.7% year over year. However, it remains unprofitable, with an 89.11% negative net margin.

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report) fell 6.2% on Tuesday. The company traded as low as $13.74 and last traded at $13.2710. Approximately 1,471,462 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 15,781,927 shares. The stock had previously closed at $14.15.

Wall Street Analysts Forecast Growth

Several research firms have commented on IOVA. HC Wainwright raised their target price on shares of Iovance Biotherapeutics from $9.00 to $20.00 and gave the company a "buy" rating in a research note on Tuesday, September 29th. Wells Fargo & Company lifted their target price on shares of Iovance Biotherapeutics from $14.00 to $18.00 and gave the company an "overweight" rating in a research note on Wednesday, September 30th. Robert W. Baird set a $6.00 price objective on Iovance Biotherapeutics in a report on Friday, August 7th. Barclays raised their target price on Iovance Biotherapeutics from $13.00 to $15.00 and gave the company an "overweight" rating in a report on Thursday, September 17th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Iovance Biotherapeutics in a report on Tuesday, September 29th. Nine analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Iovance Biotherapeutics has an average rating of "Moderate Buy" and a consensus price target of $12.40.

Iovance Biotherapeutics Stock Down 5.9%

The company's fifty day moving average is $8.53 and its two-hundred day moving average is $5.56. The firm has a market capitalization of $6.03 billion, a price-to-earnings ratio of -18.16 and a beta of 0.76.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The biotechnology company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.02. The company had revenue of $99.31 million during the quarter, compared to analyst estimates of $87.83 million. Iovance Biotherapeutics had a negative net margin of 89.11% and a negative return on equity of 40.51%. The firm's revenue was up 65.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.33) EPS. On average, equities research analysts expect that Iovance Biotherapeutics, Inc. will post -0.45 EPS for the current year.

Hedge Funds Weigh In On Iovance Biotherapeutics

Large investors have recently bought and sold shares of the company. Sequoia Financial Advisors LLC grew its position in Iovance Biotherapeutics by 5.4% in the second quarter. Sequoia Financial Advisors LLC now owns 32,957 shares of the biotechnology company's stock valued at $137,000 after purchasing an additional 1,691 shares in the last quarter. Tidal Investments LLC raised its stake in Iovance Biotherapeutics by 52.1% in the 2nd quarter. Tidal Investments LLC now owns 280,048 shares of the biotechnology company's stock worth $1,165,000 after purchasing an additional 95,933 shares in the last quarter. Engineers Gate Manager LP grew its holdings in shares of Iovance Biotherapeutics by 76.5% during the 2nd quarter. Engineers Gate Manager LP now owns 190,035 shares of the biotechnology company's stock worth $791,000 after purchasing an additional 82,338 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of Iovance Biotherapeutics during the 2nd quarter worth approximately $55,000. Finally, Baird Financial Group Inc. boosted its stake in Iovance Biotherapeutics by 12.0% in the second quarter. Baird Financial Group Inc. now owns 222,340 shares of the biotechnology company's stock valued at $925,000 after buying an additional 23,800 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 is a biotechnology company focused on developing and commercializing individualized cell therapies for patients with cancer. The company's platform uses tumor-infiltrating lymphocytes (TILs), immune cells collected from a patient's tumor, expanded in a manufacturing facility and reinfused to help the immune system recognize and attack cancer cells.

Iovance's lead product, Amtagvi (lifileucel), is an autologous TIL therapy approved by the U.S. Food and Drug Administration for certain adults with unresectable or metastatic melanoma that has progressed following prior treatment with a PD-1-blocking antibody and, when applicable, a BRAF-targeted therapy.

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