Iovance Biotherapeutics (NASDAQ:IOVA) Shares Down 6.2% – Here’s Why

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s stock price dropped 6.2% on Tuesday. The stock traded as low as $13.74 and last traded at $13.2710. Approximately 1,471,462 shares changed hands during trading, a decline of 91% from the average session volume of 15,781,927 shares. The stock had previously closed at $14.15.

Analysts Set New Price Targets

Several research firms recently issued reports on IOVA. Weiss Ratings restated a “sell (d-)” rating on shares of Iovance Biotherapeutics in a report on Tuesday, September 29th. Wells Fargo & Company raised their price objective on Iovance Biotherapeutics from $14.00 to $18.00 and gave the company an “overweight” rating in a research note on Wednesday, September 30th. Barclays upped their target price on Iovance Biotherapeutics from $13.00 to $15.00 and gave the company an “overweight” rating in a report on Thursday, September 17th. Citigroup reiterated an “outperform” rating on shares of Iovance Biotherapeutics in a research note on Friday, August 7th. Finally, TD Cowen increased their price target on Iovance Biotherapeutics from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Monday, August 24th. Nine analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $12.40.

Iovance Biotherapeutics Price Performance

The firm has a market cap of $6.03 billion, a P/E ratio of -18.16 and a beta of 0.76. The stock has a 50 day moving average of $8.53 and a 200 day moving average of $5.56.

Iovance Biotherapeutics (NASDAQ:IOVA) last posted its quarterly earnings results on Thursday, August 6th. The biotechnology company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.02. The business had revenue of $99.31 million during the quarter, compared to the consensus estimate of $87.83 million. Iovance Biotherapeutics had a negative net margin of 89.11% and a negative return on equity of 40.51%. The firm’s revenue for the quarter was up 65.7% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.33) earnings per share. On average, research analysts predict that Iovance Biotherapeutics, Inc. will post -0.45 EPS for the current fiscal year.

Institutional Trading of Iovance Biotherapeutics

Several institutional investors have recently bought and sold shares of IOVA. Sequoia Financial Advisors LLC increased its position in shares of Iovance Biotherapeutics by 5.4% during the second quarter. Sequoia Financial Advisors LLC now owns 32,957 shares of the biotechnology company’s stock valued at $137,000 after acquiring an additional 1,691 shares in the last quarter. Tidal Investments LLC raised its holdings in Iovance Biotherapeutics by 52.1% in the 2nd quarter. Tidal Investments LLC now owns 280,048 shares of the biotechnology company’s stock worth $1,165,000 after purchasing an additional 95,933 shares during the period. Engineers Gate Manager LP boosted its position in shares of Iovance Biotherapeutics by 76.5% in the second quarter. Engineers Gate Manager LP now owns 190,035 shares of the biotechnology company’s stock worth $791,000 after purchasing an additional 82,338 shares during the period. Integrated Wealth Concepts LLC bought a new position in shares of Iovance Biotherapeutics in the second quarter worth about $55,000. Finally, Baird Financial Group Inc. increased its holdings in Iovance Biotherapeutics by 12.0% in the 2nd quarter. Baird Financial Group Inc. now owns 222,340 shares of the biotechnology company’s stock valued at $925,000 after acquiring an additional 23,800 shares during the last quarter. 77.03% of the stock is owned by hedge funds and other institutional investors.

Iovance Biotherapeutics Company Profile

Iovance Biotherapeutics, Inc is a biotechnology company focused on developing and commercializing individualized cell therapies for patients with cancer. The company’s platform uses tumor-infiltrating lymphocytes (TILs), immune cells collected from a patient’s tumor, expanded in a manufacturing facility and reinfused to help the immune system recognize and attack cancer cells.

Iovance’s lead product, Amtagvi (lifileucel), is an autologous TIL therapy approved by the U.S. Food and Drug Administration for certain adults with unresectable or metastatic melanoma that has progressed following prior treatment with a PD-1-blocking antibody and, when applicable, a BRAF-targeted therapy.