Iovance Biotherapeutics (NASDAQ:IOVA) Shares Gap Down Following Weak Earnings

Iovance Biotherapeutics, Inc. (NASDAQ:IOVAGet Rating)’s share price gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $12.54, but opened at $11.49. Iovance Biotherapeutics shares last traded at $11.60, with a volume of 19,500 shares changing hands.

The biotechnology company reported ($0.63) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.03). During the same period last year, the firm posted ($0.53) EPS.

Wall Street Analyst Weigh In

IOVA has been the topic of a number of recent research reports. JMP Securities reaffirmed a “buy” rating and issued a $25.00 target price on shares of Iovance Biotherapeutics in a report on Wednesday, June 8th. Piper Sandler cut their target price on shares of Iovance Biotherapeutics from $20.00 to $13.00 and set a “neutral” rating on the stock in a report on Friday, May 27th. The Goldman Sachs Group cut their target price on shares of Iovance Biotherapeutics from $64.00 to $18.00 and set a “buy” rating on the stock in a report on Friday, July 1st. Robert W. Baird cut their target price on shares of Iovance Biotherapeutics from $34.00 to $25.00 and set an “outperform” rating on the stock in a report on Friday. Finally, Chardan Capital cut their target price on shares of Iovance Biotherapeutics from $31.00 to $30.00 in a report on Friday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Iovance Biotherapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.10.

Insiders Place Their Bets

In related news, Director Merrill A. Mcpeak bought 10,000 shares of the firm’s stock in a transaction on Tuesday, May 31st. The shares were bought at an average cost of $6.84 per share, for a total transaction of $68,400.00. Following the transaction, the director now owns 20,150 shares of the company’s stock, valued at $137,826. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 7.60% of the company’s stock.

Institutional Investors Weigh In On Iovance Biotherapeutics

Several institutional investors have recently made changes to their positions in the stock. Herold Advisors Inc. purchased a new stake in shares of Iovance Biotherapeutics in the 1st quarter worth about $33,000. Spire Wealth Management purchased a new stake in shares of Iovance Biotherapeutics in the 1st quarter worth about $47,000. Lazard Asset Management LLC boosted its position in shares of Iovance Biotherapeutics by 38.5% in the 1st quarter. Lazard Asset Management LLC now owns 3,357 shares of the biotechnology company’s stock worth $55,000 after buying an additional 934 shares in the last quarter. Retirement Group LLC boosted its position in shares of Iovance Biotherapeutics by 85.1% in the 1st quarter. Retirement Group LLC now owns 4,350 shares of the biotechnology company’s stock worth $72,000 after buying an additional 2,000 shares in the last quarter. Finally, MetLife Investment Management LLC purchased a new stake in shares of Iovance Biotherapeutics in the 1st quarter worth about $83,000. 99.07% of the stock is currently owned by hedge funds and other institutional investors.

Iovance Biotherapeutics Stock Performance

The firm’s 50-day moving average is $10.47 and its 200 day moving average is $13.71. The firm has a market capitalization of $1.91 billion, a PE ratio of -5.32 and a beta of 0.47.

Iovance Biotherapeutics Company Profile

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Iovance Biotherapeutics, Inc, a clinical-stage biotechnology company, focuses on developing and commercializing cancer immunotherapy products to harness the power of a patient's immune system to eradicate cancer cells. It has six ongoing phase 2 clinical studies, including C-144-01, of its lead product candidate, lifileucel, for the treatment of metastatic melanoma; C-145-04, of its product candidate lifileucel for recurrent, metastatic, or persistent cervical cancer; and C-145-03, of its product candidate LN-145, for recurrent and/or metastatic head and neck squamous cell carcinoma.

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