Iovance Biotherapeutics (NASDAQ:IOVA) Trading 6.5% Higher – Here’s What Happened

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

Analyst Ratings Changes

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

Iovance Biotherapeutics Stock Up 5.0 %

The firm has a market capitalization of $2.89 billion, a P/E ratio of -5.81 and a beta of 0.62. The business’s 50-day simple moving average is $10.25 and its 200 day simple moving average is $9.90.

Iovance Biotherapeutics (NASDAQ:IOVA) last released its earnings results on Thursday, August 8th. The biotechnology company reported ($0.34) EPS for the quarter, beating the consensus estimate of ($0.35) by $0.01. The company had revenue of $31.11 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.47) EPS. Sell-side analysts predict that Iovance Biotherapeutics, Inc. will post -1.26 earnings per share for the current year.

Institutional Investors Weigh In On Iovance Biotherapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Perceptive Advisors LLC increased its stake in Iovance Biotherapeutics by 34.6% in the 2nd quarter. Perceptive Advisors LLC now owns 25,933,142 shares of the biotechnology company’s stock worth $207,984,000 after purchasing an additional 6,660,151 shares during the period. Vanguard Group Inc. increased its stake in shares of Iovance Biotherapeutics by 9.2% in the first quarter. Vanguard Group Inc. now owns 24,915,300 shares of the biotechnology company’s stock worth $369,245,000 after buying an additional 2,102,480 shares during the period. Avoro Capital Advisors LLC raised its holdings in Iovance Biotherapeutics by 74.6% during 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 last quarter. Price T Rowe Associates Inc. MD boosted its position in Iovance Biotherapeutics by 60.8% during the 1st 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 period. Finally, Long Focus Capital Management LLC grew its holdings in Iovance Biotherapeutics by 195.1% in the 2nd quarter. Long Focus Capital Management LLC now owns 4,132,000 shares of the biotechnology company’s stock worth $33,139,000 after acquiring an additional 2,731,688 shares during the last quarter. Institutional investors own 77.03% of the company’s stock.

About Iovance Biotherapeutics

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.