Iovance Biotherapeutics (NASDAQ:IOVA) Trading Down 7.4% – What’s Next?

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s share price dropped 7.4% during mid-day trading on Wednesday . The company traded as low as $3.54 and last traded at $3.4280. Approximately 4,026,236 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 14,953,862 shares. The stock had previously closed at $3.70.

Analyst Ratings Changes

IOVA has been the topic of several research reports. Barclays upped their price target on shares of Iovance Biotherapeutics from $10.00 to $11.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 25th. Wall Street Zen raised shares of Iovance Biotherapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Truist Financial upgraded shares of Iovance Biotherapeutics to a “hold” rating in a research report on Wednesday, March 25th. UBS Group increased their price target on shares of Iovance Biotherapeutics from $2.00 to $4.00 and gave the company a “neutral” rating in a research note on Thursday, March 5th. Finally, The Goldman Sachs Group reissued a “sell” rating and issued a $2.00 price target on shares of Iovance Biotherapeutics in a report on Thursday, February 5th. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Iovance Biotherapeutics has an average rating of “Hold” and an average target price of $8.88.

Iovance Biotherapeutics Price Performance

The stock has a market capitalization of $1.43 billion, a price-to-earnings ratio of -3.11 and a beta of 0.76. The stock has a 50-day moving average of $3.70 and a 200 day moving average of $2.85.

Iovance Biotherapeutics (NASDAQ:IOVA) last released its earnings results on Tuesday, February 24th. The biotechnology company reported ($0.18) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.04. Iovance Biotherapeutics had a negative net margin of 148.41% and a negative return on equity of 54.54%. The company had revenue of $86.77 million for the quarter, compared to the consensus estimate of $81.61 million. Sell-side analysts anticipate that Iovance Biotherapeutics, Inc. will post -0.56 earnings per share for the current fiscal year.

Institutional Trading of Iovance Biotherapeutics

A number of institutional investors have recently bought and sold shares of the business. Invenomic Capital Management LP grew its stake in shares of Iovance Biotherapeutics by 27.1% during the third quarter. Invenomic Capital Management LP now owns 10,541,608 shares of the biotechnology company’s stock worth $22,875,000 after purchasing an additional 2,246,945 shares during the period. Mirador Capital Partners LP lifted its stake in Iovance Biotherapeutics by 100.9% in the fourth quarter. Mirador Capital Partners LP now owns 1,034,544 shares of the biotechnology company’s stock valued at $2,824,000 after buying an additional 519,519 shares during the period. Aberdeen Group plc boosted its holdings in Iovance Biotherapeutics by 25.1% during the fourth quarter. Aberdeen Group plc now owns 759,522 shares of the biotechnology company’s stock worth $2,073,000 after buying an additional 152,312 shares during the last quarter. Rhenman & Partners Asset Management AB boosted its stake in Iovance Biotherapeutics by 69.5% during the 3rd quarter. Rhenman & Partners Asset Management AB now owns 1,097,827 shares of the biotechnology company’s stock worth $2,382,000 after acquiring an additional 450,000 shares during the last quarter. Finally, Rafferty Asset Management LLC boosted its position in shares of Iovance Biotherapeutics by 65.1% during the third quarter. Rafferty Asset Management LLC now owns 482,975 shares of the biotechnology company’s stock worth $1,048,000 after purchasing an additional 190,522 shares in the last quarter. Institutional investors and hedge funds 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.