Iovance Biotherapeutics (NASDAQ:IOVA) Hits New 52-Week High – Here’s What Happened

Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) reached a new 52-week high on Thursday . The company traded as high as $8.06 and last traded at $7.99, with a volume of 24205000 shares changing hands. The stock had previously closed at $7.03.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Iovance Biotherapeutics in a report on Thursday, July 2nd. UBS Group boosted their target price on shares of Iovance Biotherapeutics from $4.00 to $7.00 and gave the stock a “neutral” rating in a research note on Thursday. Robert W. Baird set a $6.00 price objective on Iovance Biotherapeutics in a research report on Friday, August 7th. Chardan Capital lowered their price objective on shares of Iovance Biotherapeutics from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. Finally, Mizuho lifted their target price on Iovance Biotherapeutics from $10.00 to $11.00 and gave the stock an “outperform” rating in a research report on Tuesday. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $8.75.

Iovance Biotherapeutics Price Performance

The stock has a 50-day moving average price of $5.05 and a 200-day moving average price of $4.12. The company has a market capitalization of $3.76 billion, a price-to-earnings ratio of -11.36 and a beta of 0.71.

Iovance Biotherapeutics (NASDAQ:IOVA) last announced its earnings results on Thursday, August 6th. The biotechnology company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.02. Iovance Biotherapeutics had a negative return on equity of 40.51% and a negative net margin of 89.11%.The firm had revenue of $198.63 million for the quarter, compared to the consensus estimate of $87.83 million. During the same period in the previous year, the business earned ($0.33) EPS. The business’s quarterly revenue was up 65.7% compared to the same quarter last year. Equities analysts forecast that Iovance Biotherapeutics, Inc. will post -0.48 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Iovance Biotherapeutics during the 2nd quarter worth approximately $153,744,000. Vanguard Group Inc. grew its holdings in shares of Iovance Biotherapeutics by 13.1% during the fourth quarter. Vanguard Group Inc. now owns 27,207,079 shares of the biotechnology company’s stock worth $74,275,000 after buying an additional 3,148,096 shares in the last quarter. State Street Corp lifted its holdings in Iovance Biotherapeutics by 51.5% in the fourth quarter. State Street Corp now owns 20,161,445 shares of the biotechnology company’s stock valued at $55,041,000 after acquiring an additional 6,851,486 shares during the last quarter. Invenomic Capital Management LP grew its holdings in shares of Iovance Biotherapeutics by 13.5% in the fourth quarter. Invenomic Capital Management LP now owns 11,959,505 shares of the biotechnology company’s stock valued at $32,649,000 after purchasing an additional 1,417,897 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of 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 worth $23,499,000 after acquiring an additional 2,032,062 shares in the last quarter. Hedge funds and other 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.