Iovance Biotherapeutics (NASDAQ:IOVA) Posts Earnings Results

Iovance Biotherapeutics (NASDAQ:IOVAGet Rating) issued its quarterly earnings results on Thursday. The biotechnology company reported ($0.63) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.03), Briefing.com reports. During the same period in the previous year, the company earned ($0.53) earnings per share.

Iovance Biotherapeutics Trading Down 2.9 %

IOVA stock traded down $0.36 during midday trading on Friday, hitting $12.18. The company’s stock had a trading volume of 4,105,526 shares, compared to its average volume of 3,423,880. The company has a market cap of $1.91 billion, a PE ratio of -5.32 and a beta of 0.47. Iovance Biotherapeutics has a 12 month low of $6.18 and a 12 month high of $27.96. The firm’s 50-day moving average is $10.47 and its 200-day moving average is $13.71.

Insider Activity at Iovance Biotherapeutics

In other news, Director Merrill A. Mcpeak purchased 10,000 shares of the stock in a transaction dated Tuesday, May 31st. The shares were purchased at an average cost of $6.84 per share, with a total value of $68,400.00. Following the acquisition, the director now directly owns 20,150 shares of the company’s stock, valued at $137,826. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 7.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Iovance Biotherapeutics

Several hedge funds and other institutional investors have recently modified their holdings of IOVA. Lazard Asset Management LLC increased its stake in shares of Iovance Biotherapeutics by 38.5% in the 1st quarter. Lazard Asset Management LLC now owns 3,357 shares of the biotechnology company’s stock worth $55,000 after purchasing an additional 934 shares in the last quarter. Baird Financial Group Inc. increased its stake in shares of Iovance Biotherapeutics by 3.7% in the 1st quarter. Baird Financial Group Inc. now owns 27,545 shares of the biotechnology company’s stock worth $459,000 after purchasing an additional 995 shares in the last quarter. AlphaCrest Capital Management LLC increased its stake in shares of Iovance Biotherapeutics by 11.7% in the 1st quarter. AlphaCrest Capital Management LLC now owns 17,538 shares of the biotechnology company’s stock worth $292,000 after purchasing an additional 1,838 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Iovance Biotherapeutics by 17.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 14,017 shares of the biotechnology company’s stock worth $233,000 after purchasing an additional 2,099 shares in the last quarter. Finally, MetLife Investment Management LLC purchased a new stake in shares of Iovance Biotherapeutics in the 1st quarter worth $83,000. 99.07% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Truist Financial dropped their price target on Iovance Biotherapeutics to $20.00 in a research report on Friday, May 27th. Robert W. Baird dropped their price target on Iovance Biotherapeutics from $34.00 to $25.00 and set an “outperform” rating on the stock in a research report on Friday. JMP Securities reissued a “buy” rating and issued a $25.00 price target on shares of Iovance Biotherapeutics in a research report on Wednesday, June 8th. Oppenheimer dropped their price target on Iovance Biotherapeutics from $31.00 to $27.00 and set an “outperform” rating on the stock in a research report on Friday, May 27th. Finally, Chardan Capital dropped their price target on Iovance Biotherapeutics from $31.00 to $30.00 in a research report on Friday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.10.

About Iovance Biotherapeutics

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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. It has six ongoing phase 2 clinical studies, including C-144-01, of its lead product candidate, lifileucel, for the treatment of metastatic melanoma; C-145-04, of its product candidate lifileucel for recurrent, metastatic, or persistent cervical cancer; and C-145-03, of its product candidate LN-145, for recurrent and/or metastatic head and neck squamous cell carcinoma.

See Also

Earnings History for Iovance Biotherapeutics (NASDAQ:IOVA)

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