Iovance Biotherapeutics (NASDAQ:IOVA) Shares Gap Up After Better-Than-Expected Earnings

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s share price gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $7.94, but opened at $9.39. Iovance Biotherapeutics shares last traded at $9.86, with a volume of 7,274,679 shares changing hands.

The biotechnology company reported ($0.34) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.37) by $0.03. The firm had revenue of $31.11 million during the quarter, compared to analyst estimates of $24.59 million. Iovance Biotherapeutics had a negative net margin of 23,615.70% and a negative return on equity of 71.45%. The company’s quarterly revenue was up 12969.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.47) earnings per share.

Analyst Ratings Changes

IOVA has been the topic of a number of analyst reports. HC Wainwright reiterated a “buy” rating and issued a $32.00 price target on shares of Iovance Biotherapeutics in a research report on Friday, June 28th. StockNews.com upgraded shares of Iovance Biotherapeutics to a “sell” rating in a research note on Friday, July 12th. Piper Sandler cut shares of Iovance Biotherapeutics from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $19.00 to $10.00 in a research report on Monday, July 29th. Finally, JMP Securities decreased their price objective on shares of Iovance Biotherapeutics from $25.00 to $23.00 and set a “market outperform” rating for the company in a report on Thursday, June 20th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $23.64.

Hedge Funds Weigh In On Iovance Biotherapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of IOVA. Wealthspire Advisors LLC acquired a new stake in Iovance Biotherapeutics during the second quarter worth approximately $457,000. Parametrica Management Ltd boosted its position in Iovance Biotherapeutics by 98.4% in the second quarter. Parametrica Management Ltd now owns 261,090 shares of the biotechnology company’s stock valued at $2,094,000 after buying an additional 129,500 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Iovance Biotherapeutics in the second quarter valued at approximately $129,000. Daiwa Securities Group Inc. raised its position in Iovance Biotherapeutics by 754.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 8,813 shares of the biotechnology company’s stock worth $71,000 after purchasing an additional 7,781 shares during the last quarter. Finally, Choreo LLC bought a new position in shares of Iovance Biotherapeutics during the second quarter worth about $116,000. Institutional investors own 77.03% of the company’s stock.

Iovance Biotherapeutics Stock Up 23.4 %

The stock has a 50 day moving average of $8.22 and a 200 day moving average of $10.79. The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of -5.48 and a beta of 0.63.

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.