Iovance Biotherapeutics (NASDAQ:IOVA) Shares Down 7.4% – Should You Sell?
by Mitch Edgeman · The Markets DailyIovance Biotherapeutics, Inc. (NASDAQ:IOVA – Get Free Report)’s share price dropped 7.4% on Thursday . The company traded as low as $2.58 and last traded at $2.5650. Approximately 3,251,058 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 10,920,678 shares. The stock had previously closed at $2.77.
Wall Street Analysts Forecast Growth
A number of equities research analysts have commented on the company. Barclays raised their target price on Iovance Biotherapeutics from $9.00 to $10.00 and gave the company an “overweight” rating in a report on Wednesday, December 17th. HC Wainwright decreased their price objective on shares of Iovance Biotherapeutics from $20.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, October 29th. Weiss Ratings restated a “sell (e+)” rating on shares of Iovance Biotherapeutics in a research report on Wednesday, October 8th. Finally, Chardan Capital reduced their price target on shares of Iovance Biotherapeutics from $20.00 to $17.00 and set a “buy” rating for the company in a research report on Thursday, November 6th. Six investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $11.10.
Read Our Latest Analysis on IOVA
Iovance Biotherapeutics Stock Down 4.9%
The firm has a market cap of $1.05 billion, a price-to-earnings ratio of -2.20 and a beta of 0.77. The business has a 50 day moving average of $2.40 and a 200 day moving average of $2.32.
Iovance Biotherapeutics (NASDAQ:IOVA – Get Free Report) last announced its earnings results on Thursday, November 6th. The biotechnology company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.04. Iovance Biotherapeutics had a negative net margin of 158.78% and a negative return on equity of 55.24%. The firm had revenue of $67.46 million during the quarter, compared to the consensus estimate of $76.20 million. Research analysts predict that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current year.
Institutional Investors Weigh In On Iovance Biotherapeutics
Several hedge funds have recently made changes to their positions in IOVA. Squarepoint Ops LLC raised its holdings in shares of Iovance Biotherapeutics by 115.2% in the 2nd quarter. Squarepoint Ops LLC now owns 856,569 shares of the biotechnology company’s stock worth $1,473,000 after purchasing an additional 458,540 shares during the period. Mirador Capital Partners LP acquired a new stake in Iovance Biotherapeutics during the 3rd quarter worth approximately $1,118,000. Voss Capital LP purchased a new position in Iovance Biotherapeutics in the second quarter valued at approximately $1,157,000. Virtus Investment Advisers LLC lifted its position in Iovance Biotherapeutics by 326.5% during the second quarter. Virtus Investment Advisers LLC now owns 192,378 shares of the biotechnology company’s stock valued at $331,000 after buying an additional 147,271 shares in the last quarter. Finally, Quinn Opportunity Partners LLC purchased a new stake in Iovance Biotherapeutics during the second quarter worth approximately $1,056,000. Institutional investors and hedge funds own 77.03% of the company’s stock.
Iovance Biotherapeutics Company Profile
Iovance Biotherapeutics, Inc is a clinical‐stage biotechnology company specializing in the development and commercialization of tumor‐infiltrating lymphocyte (TIL) immunotherapies for the treatment of solid tumors. The company’s lead product candidate, lifileucel (formerly LN‐144), is an autologous TIL therapy in late‐stage clinical development for patients with advanced melanoma. Iovance’s pipeline also includes next‐generation TIL programs such as LN‐145 for cervical and other human papillomavirus (HPV)‐related cancers, as well as exploratory studies in head and neck, non‐small cell lung, gastric and other solid tumor indications.
Iovance’s TIL platform harnesses a patient’s own immune system by isolating, expanding and reinfusing tumor‐reactive lymphocytes.