Iovance Biotherapeutics (NASDAQ:IOVA) Releases Quarterly Earnings Results, Misses Expectations By $0.09 EPS

Iovance Biotherapeutics (NASDAQ:IOVA) announced its quarterly earnings data on Thursday. The biotechnology company reported ($0.38) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.09), Bloomberg Earnings reports.

IOVA traded down $1.45 on Friday, reaching $23.72. The stock had a trading volume of 2,864,462 shares, compared to its average volume of 996,515. Iovance Biotherapeutics has a fifty-two week low of $7.26 and a fifty-two week high of $26.59. The firm’s 50-day moving average price is $23.70. The company has a debt-to-equity ratio of 0.01, a current ratio of 20.09 and a quick ratio of 20.09. The stock has a market cap of $3.04 billion, a P/E ratio of -18.68 and a beta of 1.81.

IOVA has been the subject of several recent analyst reports. UBS Group upped their price objective on Iovance Biotherapeutics from $25.00 to $30.00 and gave the stock an “outperform” rating in a research report on Monday, June 3rd. Oppenheimer set a $32.00 price objective on Iovance Biotherapeutics and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. B. Riley set a $24.00 price objective on Iovance Biotherapeutics and gave the stock a “buy” rating in a research report on Friday, May 17th. Zacks Investment Research downgraded Iovance Biotherapeutics from a “hold” rating to a “sell” rating in a research report on Wednesday. Finally, HC Wainwright restated a “buy” rating and set a $32.00 price objective on shares of Iovance Biotherapeutics in a research report on Tuesday, July 2nd. 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 company. Iovance Biotherapeutics has a consensus rating of “Buy” and an average price target of $28.45.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Northern Trust Corp increased its holdings in Iovance Biotherapeutics by 27.1% in the 4th quarter. Northern Trust Corp now owns 1,356,387 shares of the biotechnology company’s stock worth $12,004,000 after purchasing an additional 289,091 shares in the last quarter. Geode Capital Management LLC increased its holdings in 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 worth $11,900,000 after purchasing an additional 466,218 shares in the last quarter. Bank of America Corp DE increased its holdings in 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 worth $11,302,000 after purchasing an additional 1,232,558 shares in the last quarter. Nikko Asset Management Americas Inc. increased its holdings in 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 worth $30,996,000 after purchasing an additional 801,026 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its holdings in 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 worth $30,996,000 after purchasing an additional 809,398 shares in the last quarter. 94.70% of the stock is owned by institutional investors and hedge funds.

Iovance Biotherapeutics Company Profile

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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Earnings History for Iovance Biotherapeutics (NASDAQ:IOVA)

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