Iovance Biotherapeutics (NASDAQ:IOVA) Sets New 12-Month High After Analyst Upgrade

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) shares reached a new 52-week high during trading on Friday after The Goldman Sachs Group upgraded the stock to a strong-buy rating. The stock traded as high as $11.00 and last traded at $10.9850, with a volume of 2492076 shares changing hands. The stock had previously closed at $10.80.

IOVA has been the subject of several other research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Iovance Biotherapeutics in a research note on Thursday, July 2nd. Barclays upped their price objective on shares of Iovance Biotherapeutics from $13.00 to $15.00 and gave the stock an “overweight” rating in a report on Thursday, September 17th. Robert W. Baird set a $6.00 target price on shares of Iovance Biotherapeutics in a research report on Friday, August 7th. Citizens Jmp raised their target price on shares of Iovance Biotherapeutics from $5.00 to $8.00 and gave the company a “market outperform” rating in a research note on Friday, August 7th. Finally, UBS Group boosted their price target on shares of Iovance Biotherapeutics from $4.00 to $7.00 and gave the stock a “neutral” rating in a research report on Thursday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $10.56.

Institutional Trading of Iovance Biotherapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. bought a new position in Iovance Biotherapeutics during the second quarter valued at about $153,744,000. Invenomic Capital Management LP raised its position in 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 worth $32,649,000 after acquiring an additional 1,417,897 shares in the last quarter. Palo Alto Investors LP acquired a new stake in Iovance Biotherapeutics in the 2nd quarter valued at about $22,032,229. Bank of America Corp DE acquired a new stake in Iovance Biotherapeutics in the 2nd quarter valued at about $20,773,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Iovance Biotherapeutics by 71.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,645,702 shares of the biotechnology company’s stock valued at $9,282,000 after purchasing an additional 1,106,592 shares in the last quarter. Institutional investors own 77.03% of the company’s stock.

Iovance Biotherapeutics Trading Up 1.6%

The company’s 50-day moving average price is $7.37 and its two-hundred day moving average price is $5.12. The company has a market cap of $4.97 billion, a P/E ratio of -15.03 and a beta of 0.83.

Iovance Biotherapeutics (NASDAQ:IOVA) last released its earnings results on Thursday, August 6th. The biotechnology company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. The business had revenue of $99.31 million for the quarter, compared to the consensus estimate of $87.83 million. Iovance Biotherapeutics had a negative net margin of 89.11% and a negative return on equity of 40.51%. The business’s revenue for the quarter was up 65.7% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.33) EPS. Equities analysts forecast that Iovance Biotherapeutics, Inc. will post -0.49 earnings per share for the current year.

Iovance Biotherapeutics Company Profile

Iovance Biotherapeutics, Inc is a biotechnology company focused on developing and commercializing individualized cell therapies for patients with cancer. Its platform uses tumor-infiltrating lymphocytes (TILs), immune cells collected from a patient’s tumor, expanded in a manufacturing facility and returned to the patient to help recognize and attack cancer cells.

The company’s lead product, Amtagvi (lifileucel), is an autologous TIL therapy approved by the U.S. Food and Drug Administration for certain adults with unresectable or metastatic melanoma that has progressed following prior treatment.