Iovance Biotherapeutics (NASDAQ:IOVA) Trading Down 4.2%

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) shares traded down 4.2% during trading on Wednesday . The stock traded as low as $10.26 and last traded at $10.29. 1,554,358 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 7,762,931 shares. The stock had previously closed at $10.74.

Analysts Set New Price Targets

IOVA has been the topic of a number of recent analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $32.00 price objective on shares of Iovance Biotherapeutics in a report on Monday. StockNews.com raised shares of Iovance Biotherapeutics to a “sell” rating in a research note on Monday. Piper Sandler downgraded shares of Iovance Biotherapeutics from an “overweight” rating to a “neutral” rating and cut their price target for the company from $19.00 to $10.00 in a report on Monday, July 29th. Finally, JMP Securities decreased their price objective on shares of Iovance Biotherapeutics from $25.00 to $23.00 and set a “market outperform” rating on the stock in a report on Thursday, June 20th. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.00.

Iovance Biotherapeutics Trading Down 5.9 %

The stock’s 50 day moving average is $8.33 and its 200 day moving average is $10.89. The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of -5.61 and a beta of 0.63.

Iovance Biotherapeutics (NASDAQ:IOVA) last announced its quarterly earnings results on Thursday, August 8th. The biotechnology company reported ($0.34) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.35) by $0.01. Iovance Biotherapeutics had a negative net margin of 23,615.70% and a negative return on equity of 71.45%. The company had revenue of $31.11 million for the quarter, compared to the consensus estimate of $24.59 million. During the same quarter in the prior year, the firm earned ($0.47) earnings per share. The company’s revenue for the quarter was up 12969.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Iovance Biotherapeutics, Inc. will post -1.39 EPS for the current year.

Hedge Funds Weigh In On Iovance Biotherapeutics

Several hedge funds have recently bought and sold shares of IOVA. Diversified Trust Co lifted its position in shares of Iovance Biotherapeutics by 9.5% in the second quarter. Diversified Trust Co now owns 16,980 shares of the biotechnology company’s stock valued at $136,000 after acquiring an additional 1,469 shares in the last quarter. Xponance Inc. increased its position in Iovance Biotherapeutics by 13.0% during the 2nd quarter. Xponance Inc. now owns 16,279 shares of the biotechnology company’s stock worth $131,000 after purchasing an additional 1,873 shares in the last quarter. Pale Fire Capital SE raised its stake in Iovance Biotherapeutics by 12.7% in the 4th quarter. Pale Fire Capital SE now owns 17,024 shares of the biotechnology company’s stock valued at $138,000 after purchasing an additional 1,924 shares during the last quarter. Arizona State Retirement System lifted its holdings in Iovance Biotherapeutics by 3.8% in the 2nd quarter. Arizona State Retirement System now owns 54,734 shares of the biotechnology company’s stock valued at $439,000 after purchasing an additional 1,985 shares in the last quarter. Finally, Chicago Partners Investment Group LLC boosted its stake in shares of Iovance Biotherapeutics by 15.0% during the 4th quarter. Chicago Partners Investment Group LLC now owns 20,559 shares of the biotechnology company’s stock worth $157,000 after purchasing an additional 2,688 shares during the last quarter. Hedge funds and other institutional investors own 77.03% of the company’s stock.

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.