Iovance Biotherapeutics (NASDAQ:IOVA) Shares Down 8% – What’s Next?

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) traded down 8% during trading on Monday . The stock traded as low as $3.19 and last traded at $3.28. 2,248,522 shares traded hands during trading, a decline of 68% from the average session volume of 7,107,324 shares. The stock had previously closed at $3.56.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Piper Sandler dropped their price target on Iovance Biotherapeutics from $7.50 to $6.00 and set a “neutral” rating on the stock in a research note on Friday, February 28th. The Goldman Sachs Group decreased their target price on shares of Iovance Biotherapeutics from $22.00 to $19.00 and set a “buy” rating for the company in a report on Monday, March 3rd. Robert W. Baird cut their price target on shares of Iovance Biotherapeutics from $24.00 to $20.00 and set an “outperform” rating on the stock in a report on Friday, February 28th. Chardan Capital decreased their price objective on shares of Iovance Biotherapeutics from $34.00 to $30.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. Finally, HC Wainwright reissued a “buy” rating and set a $32.00 target price on shares of Iovance Biotherapeutics in a research note on Friday, February 28th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Iovance Biotherapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $20.25.

Iovance Biotherapeutics Price Performance

The company has a market capitalization of $1.09 billion, a P/E ratio of -2.22 and a beta of 0.93. The company has a fifty day simple moving average of $4.89 and a two-hundred day simple moving average of $7.53.

Iovance Biotherapeutics (NASDAQ:IOVA) last posted its earnings results on Thursday, February 27th. The biotechnology company reported ($0.26) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.26). Iovance Biotherapeutics had a negative net margin of 451.25% and a negative return on equity of 58.43%. The business had revenue of $73.69 million for the quarter, compared to analyst estimates of $72.17 million. Equities analysts anticipate that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current year.

Hedge Funds Weigh In On Iovance Biotherapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of IOVA. AlphaQuest LLC grew its holdings in shares of Iovance Biotherapeutics by 63.6% during the 4th quarter. AlphaQuest LLC now owns 4,613 shares of the biotechnology company’s stock worth $34,000 after purchasing an additional 1,794 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in Iovance Biotherapeutics in the fourth quarter worth $36,000. GF Fund Management CO. LTD. bought a new stake in shares of Iovance Biotherapeutics during the fourth quarter worth $47,000. One68 Global Capital LLC acquired a new stake in shares of Iovance Biotherapeutics in the fourth quarter valued at $74,000. Finally, Quarry LP acquired a new position in Iovance Biotherapeutics during the 4th quarter worth about $74,000. Institutional investors 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.