Iovance Biotherapeutics (NASDAQ:IOVA) Shares Up 7.3% – Still a Buy?

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s share price traded up 7.3% on Friday . The company 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.

Analysts Set New Price Targets

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

Iovance Biotherapeutics Stock Performance

The company has a market cap of $1.69 billion, a price-to-earnings ratio of -3.72 and a beta of 0.53. The firm’s 50 day simple moving average is $6.79 and its 200-day simple moving average is $8.81.

Institutional Investors Weigh In On Iovance Biotherapeutics

Hedge funds have recently modified their holdings of the company. Exchange Traded Concepts LLC raised its stake in Iovance Biotherapeutics by 11.6% during the third 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 lifted its holdings in Iovance Biotherapeutics by 2.6% in the third quarter. Creative Planning now owns 73,489 shares of the biotechnology company’s stock valued at $690,000 after acquiring an additional 1,896 shares during the last quarter. Vontobel Holding Ltd. lifted its holdings in Iovance Biotherapeutics by 32.5% in the third quarter. Vontobel Holding Ltd. now owns 18,940 shares of the biotechnology company’s stock valued at $178,000 after acquiring an additional 4,647 shares during the last quarter. nVerses Capital LLC purchased a new position in Iovance Biotherapeutics in the third quarter worth approximately $148,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Iovance Biotherapeutics by 31.4% in 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 purchasing an additional 2,624 shares during the period. Hedge funds and other 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.