Iovance Biotherapeutics (NASDAQ:IOVA) Shares Gap Down - Time to Sell?

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $12.28, but opened at $10.67. Iovance Biotherapeutics shares last traded at $10.01, with a volume of 5,380,472 shares changing hands.

Analysts Set New Price Targets

IOVA has been the subject of a number of analyst reports. StockNews.com upgraded Iovance Biotherapeutics to a "sell" rating in a research report on Monday, August 12th. UBS Group initiated coverage on Iovance Biotherapeutics in a research report on Thursday, October 24th. They issued a "buy" rating and a $17.00 price target for the company. Piper Sandler lowered Iovance Biotherapeutics from an "overweight" rating to a "neutral" rating and reduced their target price for the stock from $19.00 to $10.00 in a research note on Monday, July 29th. Finally, HC Wainwright reiterated a "buy" rating and issued a $32.00 target price on shares of Iovance Biotherapeutics in a research note on Wednesday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Iovance Biotherapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.33.

Iovance Biotherapeutics Stock Down 13.8 %

The stock has a market cap of $2.96 billion, a PE ratio of -6.28 and a beta of 0.60. The firm has a 50 day moving average price of $10.21 and a 200 day moving average price of $9.84.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The biotechnology company reported ($0.34) EPS for the quarter, beating the consensus estimate of ($0.35) by $0.01. The firm had revenue of $31.11 million for the quarter, compared to analyst estimates of $24.59 million. Iovance Biotherapeutics had a negative return on equity of 65.04% and a negative net margin of 1,343.27%. The business's revenue for the quarter was up 12969.7% on a year-over-year basis. During the same quarter last year, the firm posted ($0.47) earnings per share. Equities analysts forecast that Iovance Biotherapeutics, Inc. will post -1.26 earnings per share for the current year.

Institutional Investors Weigh In On Iovance Biotherapeutics

A number of institutional investors have recently added to or reduced their stakes in IOVA. GSA Capital Partners LLP bought a new stake in Iovance Biotherapeutics during the first quarter valued at about $907,000. Oppenheimer & Co. Inc. bought a new stake in Iovance Biotherapeutics during the first quarter valued at about $246,000. Sei Investments Co. boosted its position in Iovance Biotherapeutics by 33.9% during the first quarter. Sei Investments Co. now owns 333,148 shares of the biotechnology company's stock valued at $4,937,000 after purchasing an additional 84,382 shares in the last quarter. US Bancorp DE boosted its position in Iovance Biotherapeutics by 113.8% during the first quarter. US Bancorp DE now owns 31,557 shares of the biotechnology company's stock valued at $468,000 after purchasing an additional 16,800 shares in the last quarter. Finally, ProShare Advisors LLC boosted its position in Iovance Biotherapeutics by 14.5% during the first quarter. ProShare Advisors LLC now owns 62,210 shares of the biotechnology company's stock valued at $922,000 after purchasing an additional 7,891 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.