Iovance Biotherapeutics (NASDAQ:IOVA) Sets New 52-Week Low – Here’s Why

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) hit a new 52-week low on Tuesday . The stock traded as low as $5.77 and last traded at $5.78, with a volume of 16742751 shares. The stock had previously closed at $6.40.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. HC Wainwright reiterated a “buy” rating and issued a $32.00 price objective on shares of Iovance Biotherapeutics in a research note on Wednesday, November 6th. UBS Group started coverage on shares of Iovance Biotherapeutics in a research note on Thursday, October 24th. They issued a “buy” rating and a $17.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $23.00.

Iovance Biotherapeutics Stock Down 9.7 %

The company has a market cap of $1.76 billion, a price-to-earnings ratio of -3.88 and a beta of 0.57. The business’s fifty day simple moving average is $8.52 and its two-hundred day simple moving average is $9.23.

Iovance Biotherapeutics (NASDAQ:IOVA) last announced its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.03. The firm had revenue of $58.56 million during the quarter, compared to analysts’ expectations of $53.54 million. Iovance Biotherapeutics had a negative net margin of 451.25% and a negative return on equity of 58.43%. During the same period in the previous year, the company earned ($0.46) earnings per share. Sell-side analysts predict that Iovance Biotherapeutics, Inc. will post -1.23 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Ryan D. Maynard sold 50,000 shares of the stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $10.06, for a total transaction of $503,000.00. Following the completion of the sale, the director now owns 7,500 shares in the company, valued at $75,450. This represents a 86.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 12.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Quest Partners LLC grew its holdings in shares of Iovance Biotherapeutics by 1,237.7% during the second quarter. Quest Partners LLC now owns 5,003 shares of the biotechnology company’s stock worth $40,000 after buying an additional 4,629 shares during the last quarter. EverSource Wealth Advisors LLC purchased a new position in shares of Iovance Biotherapeutics in the 2nd quarter valued at approximately $58,000. Daiwa Securities Group Inc. increased its holdings in shares of Iovance Biotherapeutics by 754.0% in the second quarter. Daiwa Securities Group Inc. now owns 8,813 shares of the biotechnology company’s stock valued at $71,000 after purchasing an additional 7,781 shares during the period. ORG Wealth Partners LLC purchased a new stake in shares of Iovance Biotherapeutics during the third quarter worth approximately $89,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Iovance Biotherapeutics by 31.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,978 shares of the biotechnology company’s stock worth $105,000 after purchasing an additional 2,624 shares during the period. 77.03% of the stock is currently owned by institutional investors and hedge funds.

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.