Iovance Biotherapeutics (NASDAQ:IOVA) Stock Price Down 5.4%

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) shares were down 5.4% during trading on Monday . The company traded as low as $9.78 and last traded at $9.78. Approximately 1,082,794 shares changed hands during trading, a decline of 86% from the average daily volume of 7,579,316 shares. The stock had previously closed at $10.34.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. StockNews.com upgraded Iovance Biotherapeutics to a “sell” rating in a research report on Monday, August 12th. HC Wainwright restated a “buy” rating and issued a $32.00 target price on shares of Iovance Biotherapeutics in a report on Monday, August 12th. JMP Securities lowered their target price 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. Finally, Piper Sandler cut Iovance Biotherapeutics from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $19.00 to $10.00 in a research report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Iovance Biotherapeutics presently has an average rating of “Moderate Buy” and an average price target of $23.00.

Iovance Biotherapeutics Trading Down 3.9 %

The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of -5.43 and a beta of 0.63. The company’s 50 day moving average is $9.60 and its 200-day moving average is $10.88.

Iovance Biotherapeutics (NASDAQ:IOVA) last released its earnings results on Thursday, August 8th. The biotechnology company reported ($0.34) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.35) by $0.01. Iovance Biotherapeutics had a negative return on equity of 65.04% and a negative net margin of 1,343.27%. The company had revenue of $31.11 million for the quarter, compared to analyst estimates of $24.59 million. During the same period in the prior year, the firm posted ($0.47) EPS. Iovance Biotherapeutics’s quarterly revenue was up 12969.7% on a year-over-year basis. Research analysts expect that Iovance Biotherapeutics, Inc. will post -1.26 EPS for the current year.

Institutional Investors Weigh In On Iovance Biotherapeutics

Several institutional investors and hedge funds have recently made changes to their positions in IOVA. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Iovance Biotherapeutics in the second quarter worth approximately $107,000. Perceptive Advisors LLC increased its stake in shares of Iovance Biotherapeutics by 34.6% in the second quarter. Perceptive Advisors LLC now owns 25,933,142 shares of the biotechnology company’s stock worth $207,984,000 after purchasing an additional 6,660,151 shares in the last quarter. Cim Investment Management Inc. raised its stake in shares of Iovance Biotherapeutics by 126.3% during the 2nd quarter. Cim Investment Management Inc. now owns 31,172 shares of the biotechnology company’s stock valued at $250,000 after purchasing an additional 17,399 shares during the period. Long Focus Capital Management LLC boosted its position in shares of Iovance Biotherapeutics by 195.1% in the second quarter. Long Focus Capital Management LLC now owns 4,132,000 shares of the biotechnology company’s stock valued at $33,139,000 after acquiring an additional 2,731,688 shares during the period. Finally, Dark Forest Capital Management LP purchased a new stake in shares of Iovance Biotherapeutics in the second quarter worth $360,000. Institutional investors own 77.03% of the company’s stock.

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.