Iovance Biotherapeutics (NASDAQ:IOVA) Sets New 12-Month Low – Here’s What Happened

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s share price reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $3.33 and last traded at $3.44, with a volume of 10456614 shares trading hands. The stock had previously closed at $3.48.

Wall Street Analyst Weigh In

IOVA has been the subject of several recent analyst reports. Chardan Capital cut their price target on shares of Iovance Biotherapeutics from $34.00 to $30.00 and set a “buy” rating for the company in a report on Monday, March 3rd. The Goldman Sachs Group reduced their price target on shares of Iovance Biotherapeutics from $22.00 to $19.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. Truist Financial decreased their price target on shares of Iovance Biotherapeutics from $25.00 to $15.00 and set a “buy” rating on the stock in a research note on Monday, March 3rd. Piper Sandler reduced their target price on Iovance Biotherapeutics from $7.50 to $6.00 and set a “neutral” rating for the company in a report on Friday, February 28th. Finally, HC Wainwright restated a “buy” rating and issued a $32.00 target price on shares of Iovance Biotherapeutics in a research report on Friday, February 28th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $20.25.

Iovance Biotherapeutics Trading Down 1.1 %

The company has a fifty day moving average price of $4.98 and a two-hundred day moving average price of $7.63. The firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of -2.31 and a beta of 0.93.

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

Institutional Investors Weigh In On Iovance Biotherapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of IOVA. AlphaQuest LLC grew its stake in shares of Iovance Biotherapeutics by 63.6% in the 4th quarter. AlphaQuest LLC now owns 4,613 shares of the biotechnology company’s stock valued at $34,000 after buying an additional 1,794 shares during the period. SBI Securities Co. Ltd. purchased a new position in Iovance Biotherapeutics in the fourth quarter worth approximately $36,000. GF Fund Management CO. LTD. acquired a new stake in Iovance Biotherapeutics during the fourth quarter worth $47,000. One68 Global Capital LLC purchased a new stake in Iovance Biotherapeutics in the fourth quarter valued at $74,000. Finally, Quarry LP acquired a new position in shares of Iovance Biotherapeutics in the 4th quarter valued at $74,000. 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.