Iovance Biotherapeutics (NASDAQ:IOVA) Shares Down 8% – Here’s What Happened

Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) traded down 8% during trading on Monday . The company traded as low as $3.19 and last traded at $3.28. 2,248,522 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 7,107,324 shares. The stock had previously closed at $3.56.

Analyst Ratings Changes

Several equities research analysts recently issued reports on IOVA shares. Piper Sandler decreased their price target 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 decreased their target price on shares of Iovance Biotherapeutics from $24.00 to $20.00 and set an “outperform” rating on the stock in a research note on Friday, February 28th. HC Wainwright reiterated a “buy” rating and set a $32.00 price target on shares of Iovance Biotherapeutics in a report on Friday, February 28th. The Goldman Sachs Group cut their price objective on Iovance Biotherapeutics from $22.00 to $19.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. Finally, Chardan Capital dropped their target price on Iovance Biotherapeutics from $34.00 to $30.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Iovance Biotherapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.25.

Iovance Biotherapeutics Price Performance

The firm has a fifty day simple moving average of $4.78 and a 200-day simple moving average of $7.44. The firm has a market cap of $1.07 billion, a P/E ratio of -2.18 and a beta of 0.93.

Iovance Biotherapeutics (NASDAQ:IOVA) last issued its earnings results on Thursday, February 27th. The biotechnology company reported ($0.26) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.26). The company had revenue of $73.69 million for the quarter, compared to analysts’ expectations of $72.17 million. Iovance Biotherapeutics had a negative return on equity of 58.43% and a negative net margin of 451.25%. On average, equities analysts predict that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current year.

Institutional Investors Weigh In On Iovance Biotherapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in Iovance Biotherapeutics by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 27,534,340 shares of the biotechnology company’s stock valued at $203,754,000 after purchasing an additional 220,373 shares during the last quarter. State Street Corp grew its holdings in Iovance Biotherapeutics by 4.6% during the third quarter. State Street Corp now owns 13,201,978 shares of the biotechnology company’s stock worth $123,967,000 after buying an additional 576,801 shares in the last quarter. Hood River Capital Management LLC raised its position in Iovance Biotherapeutics by 10.4% in the 4th quarter. Hood River Capital Management LLC now owns 8,991,573 shares of the biotechnology company’s stock valued at $66,538,000 after buying an additional 846,936 shares during the last quarter. Geode Capital Management LLC lifted its stake in Iovance Biotherapeutics by 3.9% during the 4th quarter. Geode Capital Management LLC now owns 5,871,420 shares of the biotechnology company’s stock valued at $43,458,000 after acquiring an additional 222,425 shares in the last quarter. Finally, Long Focus Capital Management LLC boosted its holdings in Iovance Biotherapeutics by 13.2% during the 4th quarter. Long Focus Capital Management LLC now owns 5,132,000 shares of the biotechnology company’s stock worth $37,977,000 after acquiring an additional 600,000 shares during the last quarter. 77.03% of the stock is owned by institutional investors.

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.