Iovance Biotherapeutics (NASDAQ:IOVA) Shares Cross Below 50 Day Moving Average – Here’s What Happened

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s share price passed below its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $3.42 and traded as low as $3.28. Iovance Biotherapeutics shares last traded at $3.30, with a volume of 9,777,900 shares traded.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on IOVA shares. Chardan Capital dropped their price target on shares of Iovance Biotherapeutics from $17.00 to $16.00 and set a “buy” rating on the stock in a research note on Wednesday, February 25th. Truist Financial upgraded shares of Iovance Biotherapeutics to a “hold” rating in a research note on Wednesday, March 25th. Citizens Jmp upgraded shares of Iovance Biotherapeutics from a “market perform” rating to a “market outperform” rating and set a $5.00 price target on the stock in a research note on Tuesday, March 3rd. Barclays upped their price target on shares of Iovance Biotherapeutics from $10.00 to $11.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 25th. Finally, UBS Group upped their price target on shares of Iovance Biotherapeutics from $2.00 to $4.00 and gave the stock a “neutral” rating in a research note on Thursday, March 5th. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $8.88.

Iovance Biotherapeutics Stock Performance

The stock has a 50-day simple moving average of $3.42 and a two-hundred day simple moving average of $2.72. The firm has a market cap of $1.36 billion, a PE ratio of -2.95 and a beta of 0.76.

Iovance Biotherapeutics (NASDAQ:IOVA) last issued its earnings results on Tuesday, February 24th. The biotechnology company reported ($0.18) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.04. Iovance Biotherapeutics had a negative return on equity of 54.54% and a negative net margin of 148.41%.The business had revenue of $86.77 million during the quarter, compared to analyst estimates of $81.61 million. As a group, sell-side analysts anticipate that Iovance Biotherapeutics, Inc. will post -1.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Iovance Biotherapeutics

A number of hedge funds have recently bought and sold shares of the business. Xponance LLC raised its position in Iovance Biotherapeutics by 19.4% in the 4th quarter. Xponance LLC now owns 24,288 shares of the biotechnology company’s stock worth $66,000 after buying an additional 3,950 shares during the last quarter. Raymond James Financial Inc. raised its position in Iovance Biotherapeutics by 1.4% in the 2nd quarter. Raymond James Financial Inc. now owns 324,098 shares of the biotechnology company’s stock worth $557,000 after buying an additional 4,618 shares during the last quarter. R Squared Ltd raised its position in Iovance Biotherapeutics by 41.4% in the 3rd quarter. R Squared Ltd now owns 16,043 shares of the biotechnology company’s stock worth $35,000 after buying an additional 4,700 shares during the last quarter. Orion Investment Co raised its position in Iovance Biotherapeutics by 0.3% in the 4th quarter. Orion Investment Co now owns 1,856,934 shares of the biotechnology company’s stock worth $5,069,000 after buying an additional 5,150 shares during the last quarter. Finally, Flputnam Investment Management Co. raised its position in Iovance Biotherapeutics by 35.4% in the 3rd quarter. Flputnam Investment Management Co. now owns 20,289 shares of the biotechnology company’s stock worth $44,000 after buying an additional 5,300 shares during the last quarter. Hedge funds and other institutional investors own 77.03% of the company’s stock.

Iovance Biotherapeutics Company Profile

Iovance Biotherapeutics, Inc is a clinical‐stage biotechnology company specializing in the development and commercialization of tumor‐infiltrating lymphocyte (TIL) immunotherapies for the treatment of solid tumors. The company’s lead product candidate, lifileucel (formerly LN‐144), is an autologous TIL therapy in late‐stage clinical development for patients with advanced melanoma. Iovance’s pipeline also includes next‐generation TIL programs such as LN‐145 for cervical and other human papillomavirus (HPV)‐related cancers, as well as exploratory studies in head and neck, non‐small cell lung, gastric and other solid tumor indications.

Iovance’s TIL platform harnesses a patient’s own immune system by isolating, expanding and reinfusing tumor‐reactive lymphocytes.