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.
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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