Iovance Biotherapeutics (NASDAQ:IOVA) Shares Gap Up – Here’s What Happened

Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) gapped up before the market opened on Monday . The stock had previously closed at $2.05, but opened at $2.18. Iovance Biotherapeutics shares last traded at $2.19, with a volume of 4,098,656 shares changing hands.

Wall Street Analyst Weigh In

IOVA has been the subject of a number of research reports. JMP Securities reiterated a “market perform” rating on shares of Iovance Biotherapeutics in a research report on Friday, May 9th. Mizuho reduced their price target on shares of Iovance Biotherapeutics from $30.00 to $10.00 and set an “outperform” rating for the company in a research report on Monday, May 12th. HC Wainwright reduced their price target on shares of Iovance Biotherapeutics from $32.00 to $20.00 and set a “buy” rating for the company in a research report on Friday, May 9th. The Goldman Sachs Group reduced their price target on shares of Iovance Biotherapeutics from $16.00 to $8.00 and set a “buy” rating for the company in a research report on Monday, May 12th. Finally, Truist Financial downgraded shares of Iovance Biotherapeutics from a “buy” rating to a “hold” rating in a research report on Monday, May 12th. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $13.30.

Iovance Biotherapeutics Trading Up 7.7%

The stock’s 50 day moving average price is $2.59 and its two-hundred day moving average price is $4.84. The firm has a market capitalization of $794.76 million, a PE ratio of -1.60 and a beta of 0.86.

Iovance Biotherapeutics (NASDAQ:IOVA) last issued its quarterly earnings data on Thursday, May 8th. The biotechnology company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.11). Iovance Biotherapeutics had a negative return on equity of 58.43% and a negative net margin of 451.25%. The business had revenue of $49.32 million for the quarter, compared to analysts’ expectations of $83.40 million. During the same period last year, the business earned ($0.42) earnings per share. The company’s revenue for the quarter was up 6795.1% on a year-over-year basis. Analysts expect that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current year.

Institutional Trading of Iovance Biotherapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Iovance Biotherapeutics by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 27,777,778 shares of the biotechnology company’s stock valued at $92,500,000 after acquiring an additional 243,438 shares during the last quarter. Long Focus Capital Management LLC raised its holdings in Iovance Biotherapeutics by 80.2% in the 1st quarter. Long Focus Capital Management LLC now owns 9,250,055 shares of the biotechnology company’s stock valued at $30,803,000 after acquiring an additional 4,118,055 shares during the last quarter. Hood River Capital Management LLC raised its holdings in Iovance Biotherapeutics by 10.4% in the 4th quarter. Hood River Capital Management LLC now owns 8,991,573 shares of the biotechnology company’s stock valued at $66,538,000 after acquiring an additional 846,936 shares during the last quarter. Geode Capital Management LLC raised its holdings in Iovance Biotherapeutics by 3.9% in the 4th quarter. Geode Capital Management LLC now owns 5,871,420 shares of the biotechnology company’s stock valued at $43,458,000 after acquiring an additional 222,425 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Iovance Biotherapeutics by 202.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,777,344 shares of the biotechnology company’s stock valued at $19,239,000 after acquiring an additional 3,869,617 shares during the last quarter. 77.03% of the stock is owned by hedge funds and other institutional investors.

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.