Iovance Biotherapeutics (NASDAQ:IOVA) Stock Price Down 7.8% – Here’s Why

Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) dropped 7.8% during trading on Friday . The stock traded as low as $6.61 and last traded at $6.61. Approximately 4,333,325 shares changed hands during trading, a decline of 36% from the average daily volume of 6,727,354 shares. The stock had previously closed at $7.17.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. HC Wainwright reissued a “buy” rating and issued a $32.00 price target on shares of Iovance Biotherapeutics in a research note on Wednesday, November 6th. UBS Group began coverage on Iovance Biotherapeutics in a research note on Thursday, October 24th. They issued 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 assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $23.00.

Iovance Biotherapeutics Trading Down 10.7 %

The business has a fifty day moving average of $8.52 and a 200-day moving average of $9.22. The company has a market cap of $1.95 billion, a PE ratio of -4.30 and a beta of 0.57.

Iovance Biotherapeutics (NASDAQ:IOVA) last announced its earnings results on Thursday, November 7th. The biotechnology company reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates 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 return on equity of 58.43% and a negative net margin of 451.25%. During the same quarter in the prior year, the company earned ($0.46) earnings per share. As a group, research analysts predict that Iovance Biotherapeutics, Inc. will post -1.23 EPS for the current year.

Insider Activity

In other news, Director Ryan D. Maynard sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $10.06, for a total value of $503,000.00. Following the completion of the transaction, the director now owns 7,500 shares in the company, valued at $75,450. This trade represents a 86.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 12.10% of the company’s stock.

Hedge Funds Weigh In On Iovance Biotherapeutics

A number of institutional investors have recently added to or reduced their stakes in the company. Quest Partners LLC grew its position in shares of Iovance Biotherapeutics by 1,237.7% in the 2nd quarter. Quest Partners LLC now owns 5,003 shares of the biotechnology company’s stock worth $40,000 after buying an additional 4,629 shares during the period. EverSource Wealth Advisors LLC bought a new stake in Iovance Biotherapeutics during the second quarter worth about $58,000. Daiwa Securities Group Inc. grew its holdings in Iovance Biotherapeutics by 754.0% in the second quarter. Daiwa Securities Group Inc. now owns 8,813 shares of the biotechnology company’s stock worth $71,000 after purchasing an additional 7,781 shares during the period. ORG Wealth Partners LLC bought a new position in shares of Iovance Biotherapeutics during the third quarter valued at approximately $89,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Iovance Biotherapeutics by 31.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,978 shares of the biotechnology company’s stock valued at $105,000 after purchasing an additional 2,624 shares during the last quarter. Institutional investors own 77.03% of the company’s stock.

Iovance Biotherapeutics Company Profile

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.