Iovance Biotherapeutics (NASDAQ:IOVA) Shares Down 8% – Time to Sell?

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s stock price traded down 8% during mid-day 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.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on IOVA shares. HC Wainwright reiterated a “buy” rating and set a $32.00 target price on shares of Iovance Biotherapeutics in a research note on Friday, February 28th. Truist Financial lowered their price objective on shares of Iovance Biotherapeutics from $25.00 to $15.00 and set a “buy” rating on the stock in a research report on Monday, March 3rd. Robert W. Baird reduced their target price on shares of Iovance Biotherapeutics from $24.00 to $20.00 and set an “outperform” rating for the company in a research report on Friday, February 28th. The Goldman Sachs Group lowered their price target on shares of Iovance Biotherapeutics from $22.00 to $19.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. Finally, Piper Sandler reduced their price objective on Iovance Biotherapeutics from $7.50 to $6.00 and set a “neutral” rating for the company in a report on Friday, February 28th. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Iovance Biotherapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $20.25.

Iovance Biotherapeutics Stock Performance

The firm has a market cap of $1.07 billion, a P/E ratio of -2.18 and a beta of 0.93. The firm has a 50 day simple moving average of $4.78 and a 200 day simple moving average of $7.44.

Iovance Biotherapeutics (NASDAQ:IOVA) last posted its earnings results 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 net margin of 451.25% and a negative return on equity of 58.43%. The business had revenue of $73.69 million for the quarter, compared to analyst estimates of $72.17 million. Sell-side analysts predict that Iovance Biotherapeutics, Inc. will post -1.24 EPS for the current fiscal year.

Institutional Investors Weigh In On Iovance Biotherapeutics

Hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC purchased a new stake in shares of Iovance Biotherapeutics during the 4th quarter valued at $515,000. Jennison Associates LLC purchased a new position in shares of Iovance Biotherapeutics in the 4th quarter worth about $493,000. Barclays PLC boosted its holdings in shares of Iovance Biotherapeutics by 118.8% in the 3rd quarter. Barclays PLC now owns 604,584 shares of the biotechnology company’s stock worth $5,677,000 after purchasing an additional 328,284 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Iovance Biotherapeutics by 59.0% during the 3rd quarter. Principal Financial Group Inc. now owns 4,033,184 shares of the biotechnology company’s stock valued at $37,872,000 after buying an additional 1,496,941 shares in the last quarter. Finally, Banque Pictet & Cie SA raised its holdings in shares of Iovance Biotherapeutics by 17.0% during the 4th quarter. Banque Pictet & Cie SA now owns 376,591 shares of the biotechnology company’s stock valued at $2,787,000 after buying an additional 54,832 shares in the last quarter. 77.03% of the stock is currently 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.