Iovance Biotherapeutics (NASDAQ:IOVA) Trading Down 5.8% on Disappointing Earnings

Iovance Biotherapeutics Inc (NASDAQ:IOVA) shares fell 5.8% during mid-day trading on Friday following a dissappointing earnings announcement. The stock traded as low as $21.77 and last traded at $23.72, 2,864,462 shares were traded during mid-day trading. An increase of 97% from the average session volume of 1,453,117 shares. The stock had previously closed at $25.17.

The biotechnology company reported ($0.38) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.29) by ($0.09).

Several research firms have commented on IOVA. Piper Jaffray Companies increased their price objective on shares of Iovance Biotherapeutics from $20.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, June 28th. Jefferies Financial Group increased their price objective on shares of Iovance Biotherapeutics from $29.00 to $33.00 and gave the company a “buy” rating in a research note on Monday, June 3rd. HC Wainwright reiterated a “buy” rating and issued a $32.00 price objective on shares of Iovance Biotherapeutics in a research note on Tuesday, July 2nd. UBS Group increased their price objective on shares of Iovance Biotherapeutics from $25.00 to $30.00 and gave the company an “outperform” rating in a research note on Monday, June 3rd. Finally, Oppenheimer set a $32.00 price objective on shares of Iovance Biotherapeutics and gave the company a “buy” rating in a research note on Wednesday, July 3rd. One analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $28.45.

Several hedge funds have recently modified their holdings of the company. Northern Trust Corp increased its stake in shares of Iovance Biotherapeutics by 27.1% during the 4th quarter. Northern Trust Corp now owns 1,356,387 shares of the biotechnology company’s stock worth $12,004,000 after purchasing an additional 289,091 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Iovance Biotherapeutics by 53.1% during the 4th quarter. Geode Capital Management LLC now owns 1,344,702 shares of the biotechnology company’s stock worth $11,900,000 after purchasing an additional 466,218 shares during the last quarter. Bank of America Corp DE increased its stake in shares of Iovance Biotherapeutics by 2,771.2% during the 4th quarter. Bank of America Corp DE now owns 1,277,035 shares of the biotechnology company’s stock worth $11,302,000 after purchasing an additional 1,232,558 shares during the last quarter. Nikko Asset Management Americas Inc. increased its stake in shares of Iovance Biotherapeutics by 173.0% during the 2nd quarter. Nikko Asset Management Americas Inc. now owns 1,264,096 shares of the biotechnology company’s stock worth $30,996,000 after purchasing an additional 801,026 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Iovance Biotherapeutics by 178.0% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,264,096 shares of the biotechnology company’s stock worth $30,996,000 after buying an additional 809,398 shares during the period. Institutional investors own 94.70% of the company’s stock.

The stock has a fifty day moving average of $23.61. The firm has a market capitalization of $3.11 billion, a P/E ratio of -18.68 and a beta of 1.77. The company has a quick ratio of 20.09, a current ratio of 20.09 and a debt-to-equity ratio of 0.01.

About Iovance Biotherapeutics (NASDAQ:IOVA)

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. The company's lead product candidate is lifileucel, an adoptive cell therapy that is in Phase II clinical trial using tumor-infiltrating lymphocytes (TIL), which are T cells derived from patients' tumors for the treatment of metastatic melanoma.

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