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

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Piper Sandler cut Iovance Biotherapeutics from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $19.00 to $10.00 in a research report on Monday, July 29th. StockNews.com upgraded Iovance Biotherapeutics to a “sell” rating in a research 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 report on Thursday, June 20th. Finally, HC Wainwright restated a “buy” rating and issued a $32.00 target price on shares of Iovance Biotherapeutics in a research report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Iovance Biotherapeutics has an average rating of “Moderate Buy” and an average target price of $23.00.

Iovance Biotherapeutics Stock Performance

The stock has a market capitalization of $2.85 billion, a P/E ratio of -5.65 and a beta of 0.63. The business has a 50 day simple moving average of $9.71 and a 200-day simple moving average of $10.79.

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

Institutional Investors Weigh In On Iovance Biotherapeutics

Several large investors have recently modified their holdings of the stock. B. Riley Wealth Advisors Inc. bought a new stake in shares of Iovance Biotherapeutics during the 2nd quarter worth $107,000. Perceptive Advisors LLC lifted its holdings 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 valued at $207,984,000 after purchasing an additional 6,660,151 shares in the last quarter. Cim Investment Management Inc. lifted its holdings in shares of Iovance Biotherapeutics by 126.3% in the second 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 in the last quarter. Long Focus Capital Management LLC lifted its holdings 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 purchasing an additional 2,731,688 shares in the last quarter. Finally, Dark Forest Capital Management LP purchased a new stake in shares of Iovance Biotherapeutics in the second quarter valued at $360,000. 77.03% of the stock is 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.