Iovance Biotherapeutics (NASDAQ:IOVA) Trading Up 6.4%

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s share price shot up 6.4% during trading on Friday . The company traded as high as $10.12 and last traded at $10.07. 2,164,952 shares were traded during trading, a decline of 71% from the average session volume of 7,580,495 shares. The stock had previously closed at $9.46.

Analysts Set New Price Targets

A number of research firms have weighed in on IOVA. Piper Sandler downgraded Iovance Biotherapeutics from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $19.00 to $10.00 in a report on Monday, July 29th. StockNews.com upgraded shares of Iovance Biotherapeutics to a “sell” rating in a research note on Monday, August 12th. HC Wainwright reaffirmed a “buy” rating and set a $32.00 target price on shares of Iovance Biotherapeutics in a research note on Monday, August 12th. Finally, JMP Securities lowered their target price on Iovance Biotherapeutics from $25.00 to $23.00 and set a “market outperform” rating for the company in a research report on Thursday, June 20th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.

Iovance Biotherapeutics Stock Up 9.4 %

The stock’s 50-day simple moving average is $9.54 and its two-hundred day simple moving average is $11.02. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of -5.59 and a beta of 0.63.

Iovance Biotherapeutics (NASDAQ:IOVA) last announced its earnings results on Thursday, August 8th. The biotechnology company reported ($0.34) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.35) by $0.01. The company had revenue of $31.11 million for the quarter, compared to analysts’ expectations of $24.59 million. Iovance Biotherapeutics had a negative net margin of 1,343.27% and a negative return on equity of 65.04%. The firm’s quarterly revenue was up 12969.7% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.47) EPS. On average, sell-side analysts forecast that Iovance Biotherapeutics, Inc. will post -1.26 EPS for the current year.

Institutional Investors Weigh In On Iovance Biotherapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of IOVA. Perceptive Advisors LLC increased its holdings in shares of Iovance Biotherapeutics by 34.6% during the 2nd quarter. Perceptive Advisors LLC now owns 25,933,142 shares of the biotechnology company’s stock worth $207,984,000 after buying an additional 6,660,151 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Iovance Biotherapeutics by 9.2% during the 1st quarter. Vanguard Group Inc. now owns 24,915,300 shares of the biotechnology company’s stock worth $369,245,000 after purchasing an additional 2,102,480 shares during the last quarter. Avoro Capital Advisors LLC raised its holdings in Iovance Biotherapeutics by 74.6% in the 1st quarter. Avoro Capital Advisors LLC now owns 11,700,000 shares of the biotechnology company’s stock valued at $173,394,000 after buying an additional 5,000,000 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Iovance Biotherapeutics by 60.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,267,864 shares of the biotechnology company’s stock valued at $78,071,000 after buying an additional 1,991,262 shares during the last quarter. Finally, Long Focus Capital Management LLC boosted its stake in Iovance Biotherapeutics by 195.1% during the second quarter. Long Focus Capital Management LLC now owns 4,132,000 shares of the biotechnology company’s stock worth $33,139,000 after buying an additional 2,731,688 shares during the period. 77.03% of the stock is currently owned by institutional investors and hedge funds.

Iovance Biotherapeutics Company Profile

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.