Iovance Biotherapeutics (NASDAQ:IOVA) Stock Price Down 3.7%

Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) fell 3.7% on Monday . The stock traded as low as $8.32 and last traded at $8.91. 4,269,852 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 7,684,412 shares. The stock had previously closed at $9.25.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Piper Sandler downgraded Iovance Biotherapeutics from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $19.00 to $10.00 in a research note on Monday. JMP Securities decreased their price target on Iovance Biotherapeutics from $25.00 to $23.00 and set a “market outperform” rating on the stock in a research note on Thursday, June 20th. HC Wainwright restated a “buy” rating and issued a $32.00 price target on shares of Iovance Biotherapeutics in a research note on Friday, June 28th. Finally, StockNews.com upgraded Iovance Biotherapeutics to a “sell” rating in a research note on Friday, July 12th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $23.64.

Iovance Biotherapeutics Stock Down 2.3 %

The firm has a fifty day moving average of $8.54 and a 200-day moving average of $10.85. The stock has a market capitalization of $2.53 billion, a price-to-earnings ratio of -4.95 and a beta of 0.63.

Iovance Biotherapeutics (NASDAQ:IOVA) last issued its quarterly earnings data 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. Iovance Biotherapeutics had a negative return on equity of 71.45% and a negative net margin of 23,615.70%. The firm had revenue of $0.72 million during the quarter, compared to analysts’ expectations of $1.99 million. During the same period in the previous year, the firm posted ($0.50) earnings per share. Iovance Biotherapeutics’s revenue was up 71400.0% on a year-over-year basis. As a group, research analysts forecast that Iovance Biotherapeutics, Inc. will post -1.35 EPS for the current fiscal year.

Hedge Funds Weigh In On Iovance Biotherapeutics

A number of institutional investors have recently made changes to their positions in IOVA. Avoro Capital Advisors LLC raised its holdings in shares of Iovance Biotherapeutics by 74.6% in the first quarter. Avoro Capital Advisors LLC now owns 11,700,000 shares of the biotechnology company’s stock worth $173,394,000 after acquiring an additional 5,000,000 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Iovance Biotherapeutics by 9.2% in the first quarter. Vanguard Group Inc. now owns 24,915,300 shares of the biotechnology company’s stock worth $369,245,000 after acquiring an additional 2,102,480 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Iovance Biotherapeutics by 60.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,267,864 shares of the biotechnology company’s stock worth $78,071,000 after acquiring an additional 1,991,262 shares during the last quarter. Norges Bank acquired a new position in shares of Iovance Biotherapeutics in the fourth quarter worth $9,109,000. Finally, Invenomic Capital Management LP acquired a new position in shares of Iovance Biotherapeutics in the fourth quarter worth $8,563,000. 77.03% of the stock is owned by institutional investors and hedge funds.

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.