Iovance Biotherapeutics (NASDAQ:IOVA) Stock Price Down 7.8% – What’s Next?

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s share price fell 7.8% during trading on Friday . The company traded as low as $6.61 and last traded at $6.61. 4,333,325 shares were traded during mid-day trading, a decline of 36% from the average session volume of 6,727,354 shares. The stock had previously closed at $7.17.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. UBS Group started coverage on shares of Iovance Biotherapeutics in a research note on Thursday, October 24th. They issued a “buy” rating and a $17.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and set a $32.00 price target on shares of Iovance Biotherapeutics in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Iovance Biotherapeutics has an average rating of “Moderate Buy” and an average target price of $23.00.

Iovance Biotherapeutics Stock Down 10.5 %

The company has a market capitalization of $1.96 billion, a P/E ratio of -4.31 and a beta of 0.57. The business’s 50-day moving average is $8.62 and its two-hundred day moving average is $9.22.

Iovance Biotherapeutics (NASDAQ:IOVA) last announced its earnings results on Thursday, November 7th. The biotechnology company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.03. The firm had revenue of $58.56 million during the quarter, compared to analyst estimates of $53.54 million. Iovance Biotherapeutics had a negative return on equity of 58.43% and a negative net margin of 451.25%. During the same period last year, the firm posted ($0.46) EPS. Analysts predict that Iovance Biotherapeutics, Inc. will post -1.23 EPS for the current year.

Insider Activity at Iovance Biotherapeutics

In other news, Director Ryan D. Maynard sold 50,000 shares of the company’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $10.06, for a total transaction of $503,000.00. Following the transaction, the director now owns 7,500 shares of the company’s stock, valued at $75,450. This represents a 86.96 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 12.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Iovance Biotherapeutics

Several institutional investors have recently added to or reduced their stakes in the business. Arizona State Retirement System lifted its stake in shares of Iovance Biotherapeutics by 3.8% during the 2nd quarter. Arizona State Retirement System now owns 54,734 shares of the biotechnology company’s stock valued at $439,000 after buying an additional 1,985 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in shares of Iovance Biotherapeutics during the second quarter worth $193,000. Quest Partners LLC boosted its holdings in shares of Iovance Biotherapeutics by 1,237.7% in the second quarter. Quest Partners LLC now owns 5,003 shares of the biotechnology company’s stock worth $40,000 after acquiring an additional 4,629 shares during the period. Choreo LLC purchased a new position in shares of Iovance Biotherapeutics in the second quarter valued at $116,000. Finally, Daiwa Securities Group Inc. grew its position in shares of Iovance Biotherapeutics by 754.0% in the second quarter. Daiwa Securities Group Inc. now owns 8,813 shares of the biotechnology company’s stock valued at $71,000 after purchasing an additional 7,781 shares in the last quarter. 77.03% of the stock is owned by hedge funds and other institutional investors.

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.