Iovance Biotherapeutics (NASDAQ:IOVA) Shares Gap Down – Time to Sell?

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.

Analysts Set New Price Targets

IOVA has been the subject of a number of research reports. Piper Sandler downgraded Iovance Biotherapeutics from an “overweight” rating to a “neutral” rating and decreased 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 target on shares of Iovance Biotherapeutics in a research report on Wednesday. StockNews.com upgraded shares of Iovance Biotherapeutics to a “sell” rating in a report on Monday, August 12th. Finally, UBS Group began coverage on shares of Iovance Biotherapeutics in a report on Thursday, October 24th. They set a “buy” rating and a $17.00 target price for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $22.33.

Iovance Biotherapeutics Stock Down 13.8 %

The stock has a market cap of $2.96 billion, a PE ratio of -7.10 and a beta of 0.60. The stock’s fifty day moving average price is $10.19 and its 200 day moving average price is $9.82.

Iovance Biotherapeutics (NASDAQ:IOVA) last posted its earnings results on Thursday, August 8th. The biotechnology company reported ($0.34) EPS for the quarter, topping analysts’ consensus estimates 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 quarterly revenue was up 12969.7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.47) EPS. On average, equities research analysts expect that Iovance Biotherapeutics, Inc. will post -1.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iovance Biotherapeutics

Several large investors have recently bought and sold shares of the business. Perceptive Advisors LLC boosted its holdings in shares of Iovance Biotherapeutics by 34.6% during the 2nd quarter. Perceptive Advisors LLC now owns 25,933,142 shares of the biotechnology company’s stock valued at $207,984,000 after acquiring an additional 6,660,151 shares during the last quarter. Avoro Capital Advisors LLC lifted its position in Iovance Biotherapeutics by 74.6% during the first quarter. Avoro Capital Advisors LLC now owns 11,700,000 shares of the biotechnology company’s stock valued at $173,394,000 after purchasing an additional 5,000,000 shares during the period. Long Focus Capital Management LLC boosted its holdings in 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 worth $33,139,000 after purchasing an additional 2,731,688 shares during the last quarter. Vanguard Group Inc. raised its stake in Iovance Biotherapeutics by 9.2% during the 1st quarter. Vanguard Group Inc. now owns 24,915,300 shares of the biotechnology company’s stock valued at $369,245,000 after buying an additional 2,102,480 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in Iovance Biotherapeutics by 60.8% during the 1st 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. 77.03% of the stock is currently 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.