Iovance Biotherapeutics (NASDAQ:IOVA) Shares Up 7.3% – Time to Buy?

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s stock price traded up 7.3% during trading on Friday . The stock traded as high as $5.70 and last traded at $5.73. 2,133,652 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 8,442,551 shares. The stock had previously closed at $5.34.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Piper Sandler reduced their price target on Iovance Biotherapeutics from $10.00 to $7.50 and set a “neutral” rating for the company in a report on Friday, January 31st. HC Wainwright reiterated a “buy” rating and set a $32.00 target price on shares of Iovance Biotherapeutics in a research note on Wednesday, November 6th. Finally, UBS Group began coverage on shares of Iovance Biotherapeutics in a research note on Thursday, October 24th. They set a “buy” rating and a $17.00 price objective on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $22.69.

Iovance Biotherapeutics Price Performance

The stock’s fifty day simple moving average is $6.72 and its two-hundred day simple moving average is $8.78. The company has a market capitalization of $1.70 billion, a price-to-earnings ratio of -3.74 and a beta of 0.53.

Hedge Funds Weigh In On Iovance Biotherapeutics

A number of large investors have recently bought and sold shares of the business. Exchange Traded Concepts LLC raised its position in shares of Iovance Biotherapeutics by 11.6% during the 3rd quarter. Exchange Traded Concepts LLC now owns 17,071 shares of the biotechnology company’s stock worth $160,000 after purchasing an additional 1,776 shares during the period. Creative Planning grew its stake in Iovance Biotherapeutics by 2.6% during the 3rd quarter. Creative Planning now owns 73,489 shares of the biotechnology company’s stock worth $690,000 after buying an additional 1,896 shares during the last quarter. Vontobel Holding Ltd. increased its position in Iovance Biotherapeutics by 32.5% in the third quarter. Vontobel Holding Ltd. now owns 18,940 shares of the biotechnology company’s stock worth $178,000 after buying an additional 4,647 shares during the period. nVerses Capital LLC bought a new stake in Iovance Biotherapeutics in the third quarter valued at $148,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Iovance Biotherapeutics by 31.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,978 shares of the biotechnology company’s stock valued at $105,000 after acquiring an additional 2,624 shares during the period. Institutional investors own 77.03% of the company’s stock.

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.