Iovance Biotherapeutics (NASDAQ:IOVA) Shares Gap Down – Here’s Why

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) gapped down before the market opened on Friday . The stock had previously closed at $12.28, but opened at $10.67. Iovance Biotherapeutics shares last traded at $10.01, with a volume of 5,380,472 shares trading hands.

Wall Street Analysts Forecast Growth

IOVA has been the topic of a number of research reports. Piper Sandler downgraded shares of Iovance Biotherapeutics from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $19.00 to $10.00 in a report on Monday, July 29th. HC Wainwright reissued a “buy” rating and set a $32.00 price objective on shares of Iovance Biotherapeutics in a research report on Wednesday. StockNews.com raised Iovance Biotherapeutics to a “sell” rating in a report on Monday, August 12th. Finally, UBS Group initiated coverage on Iovance Biotherapeutics in a research report on Thursday, October 24th. They set a “buy” rating and a $17.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $22.33.

Iovance Biotherapeutics Stock Performance

The company has a market cap of $2.96 billion, a P/E ratio of -7.10 and a beta of 0.60. The firm’s fifty day moving average is $10.19 and its two-hundred day moving average is $9.82.

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 analysts’ consensus estimates of ($0.35) by $0.01. The firm 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 business’s quarterly revenue was up 12969.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.47) earnings per share. On average, equities research analysts expect that Iovance Biotherapeutics, Inc. will post -1.26 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. XML Financial LLC lifted its holdings in shares of Iovance Biotherapeutics by 7.4% in the third quarter. XML Financial LLC now owns 14,500 shares of the biotechnology company’s stock worth $136,000 after buying an additional 1,000 shares in the last quarter. Saturna Capital Corp increased its holdings in Iovance Biotherapeutics by 7.0% in the 3rd quarter. Saturna Capital Corp now owns 20,553 shares of the biotechnology company’s stock valued at $193,000 after acquiring an additional 1,353 shares during the last quarter. Diversified Trust Co lifted its stake in Iovance Biotherapeutics by 9.5% in the 2nd quarter. Diversified Trust Co now owns 16,980 shares of the biotechnology company’s stock worth $136,000 after purchasing an additional 1,469 shares in the last quarter. Exchange Traded Concepts LLC boosted its holdings in shares of Iovance Biotherapeutics by 11.6% during the 3rd quarter. Exchange Traded Concepts LLC now owns 17,071 shares of the biotechnology company’s stock valued at $160,000 after purchasing an additional 1,776 shares during the last quarter. Finally, Xponance Inc. grew its position in shares of Iovance Biotherapeutics by 13.0% during the second quarter. Xponance Inc. now owns 16,279 shares of the biotechnology company’s stock valued at $131,000 after purchasing an additional 1,873 shares in the last quarter. 77.03% of the stock is currently owned by 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.