Iovance Biotherapeutics (NASDAQ:IOVA) Sets New 52-Week Low – Here’s Why

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) reached a new 52-week low on Tuesday . The stock traded as low as $5.57 and last traded at $5.73, with a volume of 3135126 shares trading hands. The stock had previously closed at $5.91.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on IOVA. UBS Group initiated coverage on Iovance Biotherapeutics in a research note on Thursday, October 24th. They set a “buy” rating and a $17.00 price target for the company. HC Wainwright reiterated a “buy” rating and set a $32.00 price target on shares of Iovance Biotherapeutics in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.00.

Iovance Biotherapeutics Stock Down 0.4 %

The company has a market capitalization of $1.79 billion, a price-to-earnings ratio of -3.96 and a beta of 0.57. The company’s fifty day simple moving average is $7.85 and its two-hundred day simple moving average is $9.15.

Iovance Biotherapeutics (NASDAQ:IOVA) last issued its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.03. The company had revenue of $58.56 million during the quarter, compared to the consensus estimate of $53.54 million. Iovance Biotherapeutics had a negative net margin of 451.25% and a negative return on equity of 58.43%. During the same quarter in the prior year, the firm earned ($0.46) earnings per share. Equities research analysts expect that Iovance Biotherapeutics, Inc. will post -1.23 earnings per share for the current year.

Insider Transactions at Iovance Biotherapeutics

In other news, Director Ryan D. Maynard sold 50,000 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $10.06, for a total value of $503,000.00. Following the sale, the director now owns 7,500 shares of the company’s stock, valued at $75,450. The trade was a 86.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 12.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Iovance Biotherapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Perceptive Advisors LLC grew its holdings in shares of Iovance Biotherapeutics by 34.6% in 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 in the last quarter. Long Focus Capital Management LLC increased its position in shares of Iovance Biotherapeutics by 195.1% during the 2nd 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. Assenagon Asset Management S.A. bought a new stake in shares of Iovance Biotherapeutics during the 4th quarter worth approximately $12,927,000. Marshall Wace LLP acquired a new stake in shares of Iovance Biotherapeutics in the 2nd quarter valued at approximately $12,929,000. Finally, Principal Financial Group Inc. increased its holdings in Iovance Biotherapeutics by 59.0% during the third quarter. Principal Financial Group Inc. now owns 4,033,184 shares of the biotechnology company’s stock worth $37,872,000 after buying an additional 1,496,941 shares during the last quarter. 77.03% of the stock is currently owned by institutional investors and hedge funds.

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.