Iovance Biotherapeutics (NASDAQ:IOVA) Trading Down 2.2%

Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) were down 2.2% during trading on Wednesday . The company traded as low as $8.24 and last traded at $8.26. Approximately 1,290,578 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 7,837,660 shares. The stock had previously closed at $8.45.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on IOVA. HC Wainwright reissued a “buy” rating and set a $32.00 target price on shares of Iovance Biotherapeutics in a research note on Friday, May 31st. Wells Fargo & Company increased their target price on Iovance Biotherapeutics from $22.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, March 1st. Piper Sandler lifted their price objective on shares of Iovance Biotherapeutics from $18.00 to $19.00 and gave the company an “overweight” rating in a report on Thursday, March 14th. The Goldman Sachs Group increased their price objective on shares of Iovance Biotherapeutics from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Thursday, February 29th. Finally, Barclays boosted their price target on Iovance Biotherapeutics from $18.00 to $22.00 and gave the stock an “overweight” rating in a research report on Thursday, February 29th. One investment analyst has rated the stock with a sell rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $24.45.

Iovance Biotherapeutics Stock Down 1.2 %

The business has a 50 day moving average of $10.08 and a two-hundred day moving average of $10.78.

Iovance Biotherapeutics (NASDAQ:IOVA) last posted its earnings results on Thursday, May 9th. The biotechnology company reported ($0.42) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.03. Iovance Biotherapeutics had a negative net margin of 23,615.70% and a negative return on equity of 71.45%. The company had revenue of $0.72 million during the quarter, compared to analysts’ expectations of $1.99 million. During the same quarter last year, the company posted ($0.50) EPS. Iovance Biotherapeutics’s quarterly revenue was up 71400.0% compared to the same quarter last year. On average, equities analysts expect that Iovance Biotherapeutics, Inc. will post -1.34 earnings per share for the current year.

Hedge Funds Weigh In On Iovance Biotherapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its stake in Iovance Biotherapeutics by 13.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,692,533 shares of the biotechnology company’s stock valued at $7,701,000 after purchasing an additional 201,311 shares during the period. Mariner LLC boosted its position in shares of Iovance Biotherapeutics by 107.3% in the third quarter. Mariner LLC now owns 371,850 shares of the biotechnology company’s stock valued at $1,692,000 after acquiring an additional 192,450 shares during the period. MPM Bioimpact LLC boosted its position in shares of Iovance Biotherapeutics by 11.4% in the third quarter. MPM Bioimpact LLC now owns 3,287,397 shares of the biotechnology company’s stock valued at $14,958,000 after acquiring an additional 337,279 shares during the period. AXQ Capital LP acquired a new position in shares of Iovance Biotherapeutics in the third quarter valued at about $99,000. Finally, Kettle Hill Capital Management LLC bought a new position in Iovance Biotherapeutics during the third quarter worth about $175,000. Institutional investors and hedge funds own 77.03% of the company’s stock.

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.