Iovance Biotherapeutics (NASDAQ:IOVA) Shares Up 7.5% – Here’s Why

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s stock price rose 7.5% during trading on Tuesday . The company traded as high as $4.35 and last traded at $4.3650. Approximately 2,232,895 shares were traded during trading, a decline of 85% from the average daily volume of 14,784,898 shares. The stock had previously closed at $4.06.

Analyst Ratings Changes

Several research firms have recently weighed in on IOVA. Truist Financial raised shares of Iovance Biotherapeutics to a “hold” rating in a research note on Wednesday, March 25th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Iovance Biotherapeutics in a research report on Monday, April 6th. UBS Group upped their target price on Iovance Biotherapeutics from $2.00 to $4.00 and gave the stock a “neutral” rating in a report on Thursday, March 5th. Barclays upped their price objective on shares of Iovance Biotherapeutics from $10.00 to $11.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 25th. Finally, Chardan Capital dropped their target price on shares of Iovance Biotherapeutics from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Five analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Iovance Biotherapeutics currently has an average rating of “Hold” and an average price target of $8.43.

Iovance Biotherapeutics Stock Up 6.8%

The firm has a market capitalization of $1.94 billion, a PE ratio of -4.57 and a beta of 0.74. The company’s 50-day simple moving average is $3.80 and its 200 day simple moving average is $3.30.

Iovance Biotherapeutics (NASDAQ:IOVA) last released its quarterly earnings results on Thursday, May 7th. The biotechnology company reported ($0.19) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.19). The business had revenue of $71.43 million for the quarter, compared to analysts’ expectations of $77.84 million. Iovance Biotherapeutics had a negative net margin of 123.92% and a negative return on equity of 50.17%. The company’s revenue was up 44.9% compared to the same quarter last year. During the same period last year, the business earned ($0.36) EPS. On average, sell-side analysts forecast that Iovance Biotherapeutics, Inc. will post -0.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Iovance Biotherapeutics

Several institutional investors and hedge funds have recently bought and sold shares of IOVA. Vanguard Group Inc. lifted its holdings in shares of Iovance Biotherapeutics by 13.1% during the 4th quarter. Vanguard Group Inc. now owns 27,207,079 shares of the biotechnology company’s stock valued at $74,275,000 after purchasing an additional 3,148,096 shares during the last quarter. State Street Corp grew its stake in Iovance Biotherapeutics by 51.5% during the 4th quarter. State Street Corp now owns 20,161,445 shares of the biotechnology company’s stock worth $55,041,000 after buying an additional 6,851,486 shares during the last quarter. Invenomic Capital Management LP grew its stake in Iovance Biotherapeutics by 13.5% during the 4th quarter. Invenomic Capital Management LP now owns 11,959,505 shares of the biotechnology company’s stock worth $32,649,000 after buying an additional 1,417,897 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Iovance Biotherapeutics by 30.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 8,607,564 shares of the biotechnology company’s stock valued at $23,499,000 after buying an additional 2,032,062 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Iovance Biotherapeutics by 16.4% during the 4th quarter. Geode Capital Management LLC now owns 7,991,640 shares of the biotechnology company’s stock valued at $21,821,000 after buying an additional 1,123,337 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 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.