Iovance Biotherapeutics (NASDAQ:IOVA) Shares Gap Down to $9.25

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $9.25, but opened at $8.43. Iovance Biotherapeutics shares last traded at $8.39, with a volume of 1,449,052 shares trading hands.

Analyst Upgrades and Downgrades

IOVA has been the subject of a number of recent analyst reports. StockNews.com raised Iovance Biotherapeutics to a “sell” rating in a report on Friday, July 12th. Piper Sandler cut Iovance Biotherapeutics from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $19.00 to $10.00 in a research note on Monday. HC Wainwright restated a “buy” rating and set a $32.00 price objective on shares of Iovance Biotherapeutics in a research note on Friday, June 28th. Finally, JMP Securities decreased their target price on shares of Iovance Biotherapeutics from $25.00 to $23.00 and set a “market outperform” rating for the company in a research report on Thursday, June 20th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.64.

Iovance Biotherapeutics Price Performance

The firm’s fifty day simple moving average is $8.54 and its 200 day simple moving average is $10.85. The company has a market capitalization of $2.48 billion, a price-to-earnings ratio of -4.95 and a beta of 0.63.

Iovance Biotherapeutics (NASDAQ:IOVA) last issued its quarterly earnings results on Thursday, May 9th. The biotechnology company reported ($0.42) EPS for the quarter, beating the consensus estimate 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 business had revenue of $0.72 million during the quarter, compared to the consensus estimate of $1.99 million. During the same quarter in the prior year, the firm earned ($0.50) EPS. The firm’s quarterly revenue was up 71400.0% on a year-over-year basis. Equities research analysts forecast that Iovance Biotherapeutics, Inc. will post -1.35 earnings per share for the current fiscal year.

Institutional Trading of Iovance Biotherapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. Sei Investments Co. lifted its stake in Iovance Biotherapeutics by 33.9% in the 1st quarter. Sei Investments Co. now owns 333,148 shares of the biotechnology company’s stock worth $4,937,000 after acquiring an additional 84,382 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Iovance Biotherapeutics by 48.7% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 130,287 shares of the biotechnology company’s stock worth $1,059,000 after purchasing an additional 42,692 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Iovance Biotherapeutics by 8.6% during the third quarter. Vanguard Group Inc. now owns 22,143,470 shares of the biotechnology company’s stock worth $100,753,000 after purchasing an additional 1,748,082 shares during the period. Oppenheimer & Co. Inc. purchased a new position in Iovance Biotherapeutics during the first quarter valued at approximately $246,000. Finally, UBS Group AG increased its stake in Iovance Biotherapeutics by 255.2% in the 4th quarter. UBS Group AG now owns 857,308 shares of the biotechnology company’s stock valued at $6,970,000 after buying an additional 615,920 shares during the period. 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.