Iovance Biotherapeutics (NASDAQ:IOVA) Stock Price Down 6.5% – Here’s What Happened

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s stock price dropped 6.5% during trading on Wednesday . The stock traded as low as $2.78 and last traded at $2.7850. Approximately 5,956,958 shares changed hands during trading, a decline of 54% from the average daily volume of 12,844,538 shares. The stock had previously closed at $2.98.

Analysts Set New Price Targets

IOVA has been the topic of a number of research analyst reports. Chardan Capital reduced their price target on Iovance Biotherapeutics from $20.00 to $17.00 and set a “buy” rating on the stock in a report on Thursday, November 6th. Weiss Ratings reissued a “sell (e+)” rating on shares of Iovance Biotherapeutics in a research note on Wednesday, October 8th. Barclays upped their target price on Iovance Biotherapeutics from $9.00 to $10.00 and gave the company an “overweight” rating in a report on Wednesday, December 17th. Finally, HC Wainwright reduced their price objective on shares of Iovance Biotherapeutics from $20.00 to $9.00 and set a “buy” rating on the stock in a research report on Wednesday, October 29th. Five research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Iovance Biotherapeutics currently has a consensus rating of “Hold” and an average price target of $11.10.

Iovance Biotherapeutics Trading Down 7.7%

The stock’s fifty day moving average price is $2.48 and its 200 day moving average price is $2.40. The stock has a market cap of $1.09 billion, a P/E ratio of -2.29 and a beta of 0.77.

Iovance Biotherapeutics (NASDAQ:IOVA) last issued its quarterly earnings results on Thursday, November 6th. The biotechnology company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.04. The company had revenue of $67.46 million during the quarter, compared to analysts’ expectations of $76.20 million. Iovance Biotherapeutics had a negative net margin of 158.78% and a negative return on equity of 55.24%. As a group, sell-side analysts forecast that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Vontobel Holding Ltd. bought a new stake in Iovance Biotherapeutics in the third quarter worth $26,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Iovance Biotherapeutics during the 3rd quarter valued at about $27,000. Arcataur Capital Management LLC purchased a new position in Iovance Biotherapeutics in the fourth quarter worth about $29,000. WealthTrust Axiom LLC lifted its stake in shares of Iovance Biotherapeutics by 80.0% in the second quarter. WealthTrust Axiom LLC now owns 18,000 shares of the biotechnology company’s stock worth $31,000 after buying an additional 8,000 shares in the last quarter. Finally, Federated Hermes Inc. grew its holdings in shares of Iovance Biotherapeutics by 67.6% during the third quarter. Federated Hermes Inc. now owns 15,111 shares of the biotechnology company’s stock valued at $33,000 after buying an additional 6,095 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 is a clinical‐stage biotechnology company specializing in the development and commercialization of tumor‐infiltrating lymphocyte (TIL) immunotherapies for the treatment of solid tumors. The company’s lead product candidate, lifileucel (formerly LN‐144), is an autologous TIL therapy in late‐stage clinical development for patients with advanced melanoma. Iovance’s pipeline also includes next‐generation TIL programs such as LN‐145 for cervical and other human papillomavirus (HPV)‐related cancers, as well as exploratory studies in head and neck, non‐small cell lung, gastric and other solid tumor indications.

Iovance’s TIL platform harnesses a patient’s own immune system by isolating, expanding and reinfusing tumor‐reactive lymphocytes.