Iovance Biotherapeutics (NASDAQ:IOVA) Stock Price Up 9.8% – Here’s What Happened

Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) rose 9.8% during mid-day trading on Friday . The company traded as high as $4.11 and last traded at $4.0620. Approximately 6,380,841 shares were traded during trading, a decline of 57% from the average daily volume of 14,991,732 shares. The stock had previously closed at $3.70.

Wall Street Analysts Forecast Growth

IOVA has been the subject of a number of recent analyst reports. Truist Financial upgraded shares of Iovance Biotherapeutics to a “hold” rating in a report on Wednesday, March 25th. Barclays upped their price target on shares of Iovance Biotherapeutics from $10.00 to $11.00 and gave the company an “overweight” rating in a report on Wednesday, February 25th. Wall Street Zen upgraded shares of Iovance Biotherapeutics from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. UBS Group upped their price target on shares of Iovance Biotherapeutics from $2.00 to $4.00 and gave the company a “neutral” rating in a report on Thursday, March 5th. Finally, The Goldman Sachs Group restated a “sell” rating and set a $2.00 price target on shares of Iovance Biotherapeutics in a report on Thursday, February 5th. Five equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $8.43.

Iovance Biotherapeutics Price Performance

The company’s 50 day moving average is $3.65 and its two-hundred day moving average is $3.04. The firm has a market cap of $1.84 billion, a P/E ratio of -4.34 and a beta of 0.69.

Iovance Biotherapeutics (NASDAQ:IOVA) last released its earnings results on Thursday, May 7th. The biotechnology company reported ($0.19) earnings per share for the quarter, meeting the consensus estimate of ($0.19). Iovance Biotherapeutics had a negative net margin of 123.92% and a negative return on equity of 50.17%. The business had revenue of $71.43 million during the quarter, compared to analysts’ expectations of $77.84 million. During the same quarter last year, the company earned ($0.36) earnings per share. The firm’s revenue was up 44.9% on a year-over-year basis. Research analysts predict that Iovance Biotherapeutics, Inc. will post -0.6 EPS for the current year.

Institutional Investors Weigh In On Iovance Biotherapeutics

Hedge funds have recently made changes to their positions in the stock. KBC Group NV bought a new stake in shares of Iovance Biotherapeutics in the first quarter valued at about $34,000. Arcataur Capital Management LLC bought a new stake in shares of Iovance Biotherapeutics in the fourth quarter valued at about $29,000. Granite Investment Partners LLC bought a new stake in shares of Iovance Biotherapeutics in the fourth quarter valued at about $29,000. Motley Fool Asset Management LLC bought a new stake in shares of Iovance Biotherapeutics in the fourth quarter valued at about $29,000. Finally, Sanctuary Advisors LLC bought a new stake in shares of Iovance Biotherapeutics in the first quarter valued at about $38,000. Institutional investors own 77.03% of the company’s stock.

Iovance Biotherapeutics Company Profile

Iovance Biotherapeutics, Inc is a clinical‐stage biotechnology company specializing in the development and commercialization of tumor‐infiltrating lymphocyte (TIL) immunotherapies for the treatment of solid tumors. The company’s lead product candidate, lifileucel (formerly LN‐144), is an autologous TIL therapy in late‐stage clinical development for patients with advanced melanoma. Iovance’s pipeline also includes next‐generation TIL programs such as LN‐145 for cervical and other human papillomavirus (HPV)‐related cancers, as well as exploratory studies in head and neck, non‐small cell lung, gastric and other solid tumor indications.

Iovance’s TIL platform harnesses a patient’s own immune system by isolating, expanding and reinfusing tumor‐reactive lymphocytes.