Iovance Biotherapeutics (NASDAQ:IOVA) Shares Down 2.5%

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s stock price dropped 2.5% during trading on Tuesday . The company traded as low as $7.86 and last traded at $7.86. Approximately 665,057 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 7,876,779 shares. The stock had previously closed at $8.06.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on IOVA. Piper Sandler upped their price target on shares of Iovance Biotherapeutics from $18.00 to $19.00 and gave the company an “overweight” rating in a research report on Thursday, March 14th. JMP Securities decreased their price target on Iovance Biotherapeutics from $25.00 to $23.00 and set a “market outperform” rating on the stock in a research note on Thursday, June 20th. Finally, HC Wainwright reiterated a “buy” rating and issued a $32.00 price objective on shares of Iovance Biotherapeutics in a research report on Friday, June 28th. One investment analyst has rated the stock with a sell rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $24.45.

Iovance Biotherapeutics Stock Down 4.4 %

The business has a fifty day simple moving average of $9.78 and a 200-day simple moving average of $10.82.

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of Iovance Biotherapeutics by 9.2% in the 1st quarter. Vanguard Group Inc. now owns 24,915,300 shares of the biotechnology company’s stock worth $369,245,000 after purchasing an additional 2,102,480 shares during the last quarter. Avoro Capital Advisors LLC lifted its stake in shares of Iovance Biotherapeutics by 74.6% in the first quarter. Avoro Capital Advisors LLC now owns 11,700,000 shares of the biotechnology company’s stock worth $173,394,000 after buying an additional 5,000,000 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Iovance Biotherapeutics by 60.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,267,864 shares of the biotechnology company’s stock valued at $78,071,000 after buying an additional 1,991,262 shares during the last quarter. Hood River Capital Management LLC increased its position in shares of Iovance Biotherapeutics by 31.1% during the first quarter. Hood River Capital Management LLC now owns 2,624,238 shares of the biotechnology company’s stock valued at $38,891,000 after acquiring an additional 622,728 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Iovance Biotherapeutics by 3.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,747,023 shares of the biotechnology company’s stock worth $14,203,000 after acquiring an additional 54,490 shares during the last quarter. Hedge funds and other institutional investors 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.