Iovance Biotherapeutics (NASDAQ:IOVA) Shares Up 6.5% – Here’s What Happened

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) shares traded up 6.5% on Thursday . The company traded as high as $10.48 and last traded at $10.46. 483,196 shares traded hands during trading, a decline of 93% from the average session volume of 7,151,609 shares. The stock had previously closed at $9.82.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on IOVA. HC Wainwright reaffirmed a “buy” rating and issued a $32.00 target price on shares of Iovance Biotherapeutics in a research note on Monday, August 12th. UBS Group started coverage on Iovance Biotherapeutics in a research note on Thursday. They set a “buy” rating and a $17.00 price objective on the stock. Piper Sandler downgraded shares of Iovance Biotherapeutics from an “overweight” rating to a “neutral” rating and cut their target price for the company from $19.00 to $10.00 in a research note on Monday, July 29th. Finally, StockNews.com upgraded shares of Iovance Biotherapeutics to a “sell” rating in a report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.33.

Iovance Biotherapeutics Trading Up 1.0 %

The company has a market cap of $2.99 billion, a price-to-earnings ratio of -5.93 and a beta of 0.62. The stock’s 50 day moving average price is $10.25 and its 200 day moving average price is $9.89.

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

Institutional Investors Weigh In On Iovance Biotherapeutics

Several institutional investors have recently bought and sold shares of IOVA. Vanguard Group Inc. raised its stake in shares of Iovance Biotherapeutics by 3.0% in the 4th quarter. Vanguard Group Inc. now owns 22,812,820 shares of the biotechnology company’s stock valued at $185,468,000 after acquiring an additional 669,350 shares during the period. Diversified Trust Co raised its position in Iovance Biotherapeutics by 14.8% in the first quarter. Diversified Trust Co now owns 15,511 shares of the biotechnology company’s stock valued at $230,000 after purchasing an additional 1,999 shares during the period. Hussman Strategic Advisors Inc. acquired a new position in shares of Iovance Biotherapeutics during the first quarter worth about $1,245,000. Fidelis Capital Partners LLC purchased a new stake in shares of Iovance Biotherapeutics in the first quarter worth about $87,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of Iovance Biotherapeutics in the first quarter valued at about $907,000. 77.03% of the stock is currently owned by hedge funds and other institutional investors.

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.