Iovance Biotherapeutics (NASDAQ:IOVA) Shares Gap Down to $23.72

Shares of Iovance Biotherapeutics Inc (NASDAQ:IOVA) gapped down prior to trading on Monday . The stock had previously closed at $25.48, but opened at $23.72. Iovance Biotherapeutics shares last traded at $22.76, with a volume of 54,776 shares changing hands.

IOVA has been the subject of several research reports. HC Wainwright reiterated a “buy” rating and issued a $32.00 price target on shares of Iovance Biotherapeutics in a research report on Tuesday, July 2nd. BidaskClub downgraded shares of Iovance Biotherapeutics from a “buy” rating to a “hold” rating in a research report on Friday, July 26th. Zacks Investment Research downgraded shares of Iovance Biotherapeutics from a “hold” rating to a “sell” rating in a research report on Wednesday, July 31st. Jefferies Financial Group upped their price objective on shares of Iovance Biotherapeutics from $29.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday, June 3rd. Finally, ValuEngine upgraded shares of Iovance Biotherapeutics from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 23rd. One research analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Iovance Biotherapeutics presently has an average rating of “Buy” and an average price target of $28.45.

The stock has a market cap of $2.78 billion, a P/E ratio of -17.72 and a beta of 1.81. The company has a current ratio of 20.09, a quick ratio of 20.09 and a debt-to-equity ratio of 0.01. The stock has a 50-day simple moving average of $23.96.

Iovance Biotherapeutics (NASDAQ:IOVA) last announced its quarterly earnings results on Thursday, August 1st. The biotechnology company reported ($0.38) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.09). As a group, equities research analysts forecast that Iovance Biotherapeutics Inc will post -1.19 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Northern Trust Corp increased its holdings in shares of Iovance Biotherapeutics by 27.1% in the 4th quarter. Northern Trust Corp now owns 1,356,387 shares of the biotechnology company’s stock valued at $12,004,000 after purchasing an additional 289,091 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Iovance Biotherapeutics by 53.1% in the 4th quarter. Geode Capital Management LLC now owns 1,344,702 shares of the biotechnology company’s stock valued at $11,900,000 after purchasing an additional 466,218 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Iovance Biotherapeutics by 2,771.2% in the 4th quarter. Bank of America Corp DE now owns 1,277,035 shares of the biotechnology company’s stock valued at $11,302,000 after purchasing an additional 1,232,558 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of 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 valued at $30,996,000 after purchasing an additional 809,398 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. increased its holdings in shares of Iovance Biotherapeutics by 173.0% in the 2nd quarter. Nikko Asset Management Americas Inc. now owns 1,264,096 shares of the biotechnology company’s stock valued at $30,996,000 after purchasing an additional 801,026 shares in the last quarter. Institutional investors and hedge funds own 96.11% of the company’s stock.

Iovance Biotherapeutics Company Profile (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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