Iovance Biotherapeutics (NASDAQ:IOVA) Stock Price Down 7.8% - Here's Why

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report) was down 7.8% during mid-day trading on Friday . The stock traded as low as $6.61 and last traded at $6.61. Approximately 4,333,325 shares traded hands during mid-day trading, a decline of 36% from the average daily volume of 6,727,354 shares. The stock had previously closed at $7.17.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on IOVA. HC Wainwright reiterated a "buy" rating and issued a $32.00 target price on shares of Iovance Biotherapeutics in a research report on Wednesday, November 6th. UBS Group initiated coverage on shares of Iovance Biotherapeutics in a research note on Thursday, October 24th. They issued a "buy" rating and a $17.00 target price on the stock. One 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. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $23.00.

Iovance Biotherapeutics Stock Performance

The company has a 50-day simple moving average of $8.62 and a 200-day simple moving average of $9.22. The company has a market cap of $1.95 billion, a price-to-earnings ratio of -4.30 and a beta of 0.57.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last announced its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.03. The firm had revenue of $58.56 million during the quarter, compared to analysts' expectations of $53.54 million. Iovance Biotherapeutics had a negative net margin of 451.25% and a negative return on equity of 58.43%. During the same quarter last year, the business earned ($0.46) earnings per share. As a group, equities research analysts forecast that Iovance Biotherapeutics, Inc. will post -1.23 EPS for the current year.

Insider Activity 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 stock was sold at an average price of $10.06, for a total value of $503,000.00. Following the completion of the sale, the director now owns 7,500 shares of the company's stock, valued at $75,450. The trade was a 86.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 12.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Iovance Biotherapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quest Partners LLC raised its holdings in shares of Iovance Biotherapeutics by 1,237.7% during the 2nd quarter. Quest Partners LLC now owns 5,003 shares of the biotechnology company's stock valued at $40,000 after buying an additional 4,629 shares during the period. EverSource Wealth Advisors LLC purchased a new stake in shares of Iovance Biotherapeutics during the second quarter valued at approximately $58,000. Daiwa Securities Group Inc. lifted its position in shares of Iovance Biotherapeutics by 754.0% during the second quarter. Daiwa Securities Group Inc. now owns 8,813 shares of the biotechnology company's stock worth $71,000 after purchasing an additional 7,781 shares in the last quarter. ORG Wealth Partners LLC purchased a new position in shares of Iovance Biotherapeutics in the third quarter valued at $89,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Iovance Biotherapeutics by 31.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,978 shares of the biotechnology company's stock valued at $105,000 after purchasing an additional 2,624 shares in the last quarter. 77.03% of the stock is currently owned by institutional investors and hedge funds.

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.