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

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s stock price dropped 7.8% 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

A number of brokerages recently issued reports on IOVA. UBS Group began coverage on shares of Iovance Biotherapeutics in a research note on Thursday, October 24th. They issued a “buy” rating and a $17.00 price target on the stock. 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 given a buy rating to the company’s stock. Based on data from MarketBeat, Iovance Biotherapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $23.00.

Iovance Biotherapeutics Stock Down 10.7 %

The firm’s fifty day moving average price is $8.52 and its two-hundred day moving average price is $9.22. The stock has a market capitalization of $1.95 billion, a PE ratio of -4.30 and a beta of 0.57.

Iovance Biotherapeutics (NASDAQ:IOVA) last released its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.28) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.03. Iovance Biotherapeutics had a negative return on equity of 58.43% and a negative net margin of 451.25%. The firm had revenue of $58.56 million for the quarter, compared to the consensus estimate of $53.54 million. During the same period last year, the business posted ($0.46) EPS. As a group, analysts predict that Iovance Biotherapeutics, Inc. will post -1.23 EPS for the current year.

Insider Transactions at Iovance Biotherapeutics

In other news, Director Ryan D. Maynard sold 50,000 shares of Iovance Biotherapeutics stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $10.06, for a total transaction of $503,000.00. Following 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 12.10% of the company’s stock.

Institutional Trading of Iovance Biotherapeutics

Several hedge funds have recently bought and sold shares of the stock. Principal Financial Group Inc. lifted its position in shares of Iovance Biotherapeutics by 59.0% during the 3rd quarter. Principal Financial Group Inc. now owns 4,033,184 shares of the biotechnology company’s stock valued at $37,872,000 after buying an additional 1,496,941 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Iovance Biotherapeutics by 9.2% in the third quarter. Franklin Resources Inc. now owns 100,229 shares of the biotechnology company’s stock worth $979,000 after purchasing an additional 8,470 shares during the period. SkyView Investment Advisors LLC purchased a new stake in shares of Iovance Biotherapeutics in the third quarter worth $188,000. Barclays PLC raised its position in shares of Iovance Biotherapeutics by 118.8% during the 3rd quarter. Barclays PLC now owns 604,584 shares of the biotechnology company’s stock valued at $5,677,000 after purchasing an additional 328,284 shares during the period. Finally, Wellington Management Group LLP lifted its stake in shares of Iovance Biotherapeutics by 10.3% during the 3rd quarter. Wellington Management Group LLP now owns 129,482 shares of the biotechnology company’s stock valued at $1,216,000 after buying an additional 12,064 shares in 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.