Iovance Biotherapeutics (NASDAQ:IOVA) Shares Gap Down After Earnings Miss

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s share price gapped down prior to trading on Friday following a weaker than expected earnings announcement. The stock had previously closed at $3.17, but opened at $2.00. Iovance Biotherapeutics shares last traded at $1.80, with a volume of 4,717,606 shares.

The biotechnology company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.11). Iovance Biotherapeutics had a negative return on equity of 58.43% and a negative net margin of 451.25%. The business had revenue of $49.32 million during the quarter, compared to analysts’ expectations of $83.40 million. During the same period in the prior year, the firm posted ($0.42) EPS. The firm’s revenue for the quarter was up 6795.1% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. The Goldman Sachs Group decreased their price objective on shares of Iovance Biotherapeutics from $18.00 to $16.00 and set a “buy” rating for the company in a report on Thursday, April 17th. Robert W. Baird lowered 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. JMP Securities reiterated a “market perform” rating on shares of Iovance Biotherapeutics in a research note on Friday. Citizens Jmp downgraded Iovance Biotherapeutics from an “outperform” rating to a “market perform” rating in a research report on Friday. Finally, Truist Financial lowered their target price on Iovance Biotherapeutics from $25.00 to $15.00 and set a “buy” rating on the stock in a research note on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Iovance Biotherapeutics currently has an average rating of “Moderate Buy” and an average price target of $16.33.

Hedge Funds Weigh In On Iovance Biotherapeutics

Several hedge funds have recently made changes to their positions in the stock. AlphaQuest LLC boosted its stake in Iovance Biotherapeutics by 63.6% in 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 during the period. Bank Pictet & Cie Europe AG boosted its position in shares of Iovance Biotherapeutics by 10.1% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 21,318 shares of the biotechnology company’s stock valued at $158,000 after acquiring an additional 1,950 shares during the period. Baird Financial Group Inc. boosted its position in shares of Iovance Biotherapeutics by 1.0% in the fourth quarter. Baird Financial Group Inc. now owns 195,845 shares of the biotechnology company’s stock valued at $1,449,000 after acquiring an additional 2,000 shares during the period. Algert Global LLC grew its stake in Iovance Biotherapeutics by 4.3% during the fourth quarter. Algert Global LLC now owns 56,400 shares of the biotechnology company’s stock valued at $417,000 after acquiring an additional 2,330 shares in the last quarter. Finally, HighTower Advisors LLC increased its holdings in Iovance Biotherapeutics by 3.9% during the 4th quarter. HighTower Advisors LLC now owns 79,238 shares of the biotechnology company’s stock worth $586,000 after acquiring an additional 2,951 shares during the period. 77.03% of the stock is currently owned by hedge funds and other institutional investors.

Iovance Biotherapeutics Stock Performance

The company’s 50 day simple moving average is $3.36 and its 200-day simple moving average is $6.10. The firm has a market capitalization of $584.38 million, a PE ratio of -1.17 and a beta of 1.06.

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.