Iovance Biotherapeutics (NASDAQ:IOVA) Shares Up 7.6% – Here’s Why

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s share price shot up 7.6% on Monday . The stock traded as high as $3.23 and last traded at $3.29. 1,892,668 shares were traded during mid-day trading, a decline of 75% from the average session volume of 7,455,457 shares. The stock had previously closed at $3.06.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Barclays decreased their price objective on Iovance Biotherapeutics from $22.00 to $5.00 and set an “overweight” rating on the stock in a report on Monday, April 14th. Piper Sandler dropped their price objective on shares of Iovance Biotherapeutics from $7.50 to $6.00 and set a “neutral” rating for the company in a research note on Friday, February 28th. The Goldman Sachs Group cut their target price on Iovance Biotherapeutics from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Thursday. Truist Financial reduced their price target on shares of Iovance Biotherapeutics from $25.00 to $15.00 and set a “buy” rating on the stock in a research report on Monday, March 3rd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $32.00 price target on shares of Iovance Biotherapeutics in a report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.22.

Iovance Biotherapeutics Stock Up 3.6 %

The firm’s 50 day simple moving average is $3.95 and its two-hundred day simple moving average is $6.76. The stock has a market capitalization of $1.04 billion, a P/E ratio of -2.13 and a beta of 1.05.

Iovance Biotherapeutics (NASDAQ:IOVA) last announced its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.26) earnings per share for the quarter, meeting the consensus estimate of ($0.26). The business had revenue of $73.69 million for the quarter, compared to analysts’ expectations of $72.17 million. Iovance Biotherapeutics had a negative net margin of 451.25% and a negative return on equity of 58.43%. As a group, equities research analysts expect that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current year.

Institutional Investors Weigh In On Iovance Biotherapeutics

Several institutional investors have recently added to or reduced their stakes in the business. AlphaQuest LLC raised its holdings in Iovance Biotherapeutics by 63.6% during the 4th quarter. AlphaQuest LLC now owns 4,613 shares of the biotechnology company’s stock valued at $34,000 after acquiring an additional 1,794 shares during the period. Bank Pictet & Cie Europe AG lifted its holdings in Iovance Biotherapeutics by 10.1% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 21,318 shares of the biotechnology company’s stock worth $158,000 after purchasing an additional 1,950 shares in the last quarter. Baird Financial Group Inc. boosted its position in shares of Iovance Biotherapeutics by 1.0% in the fourth quarter. Baird Financial Group Inc. now owns 195,845 shares of the biotechnology company’s stock valued at $1,449,000 after acquiring an additional 2,000 shares during the period. Algert Global LLC boosted its holdings in Iovance Biotherapeutics by 4.3% in the 4th quarter. Algert Global LLC now owns 56,400 shares of the biotechnology company’s stock valued at $417,000 after purchasing an additional 2,330 shares during the period. Finally, HighTower Advisors LLC grew its position in shares of Iovance Biotherapeutics by 3.9% during the 4th quarter. HighTower Advisors LLC now owns 79,238 shares of the biotechnology company’s stock valued at $586,000 after purchasing an additional 2,951 shares in the last quarter. 77.03% of the stock is 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.