Iovance Biotherapeutics (NASDAQ:IOVA) Trading Up 6.7% – Here’s What Happened

by · The Markets Daily

Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA – Get Free Report) shot up 6.7% during mid-day trading on Tuesday . The company traded as high as $2.26 and last traded at $2.3040. 5,660,786 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 13,505,381 shares. The stock had previously closed at $2.16.

Analysts Set New Price Targets

IOVA has been the topic of a number of recent analyst reports. HC Wainwright decreased their price target on Iovance Biotherapeutics from $20.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, October 29th. Chardan Capital decreased their price target on shares of Iovance Biotherapeutics from $20.00 to $17.00 and set a “buy” rating on the stock in a research note on Thursday, November 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Iovance Biotherapeutics in a report on Wednesday, October 8th. Finally, Barclays boosted their target price on Iovance Biotherapeutics from $4.00 to $9.00 and gave the stock an “overweight” rating in a research report on Monday, November 24th. Six investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $11.00.

Check Out Our Latest Report on IOVA

Iovance Biotherapeutics Trading Up 6.2%

The business’s 50 day simple moving average is $2.24 and its 200 day simple moving average is $2.25. The firm has a market capitalization of $911.05 million, a PE ratio of -1.92 and a beta of 0.82.

Iovance Biotherapeutics (NASDAQ:IOVA – Get Free Report) last announced its earnings results on Thursday, November 6th. The biotechnology company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.04. Iovance Biotherapeutics had a negative net margin of 158.78% and a negative return on equity of 55.24%. The firm had revenue of $67.46 million for the quarter, compared to analysts’ expectations of $76.20 million. Analysts forecast that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current year.

Hedge Funds Weigh In On Iovance Biotherapeutics

A number of institutional investors and hedge funds have recently modified their holdings of IOVA. WealthTrust Axiom LLC purchased a new stake in Iovance Biotherapeutics during the 1st quarter valued at $33,000. Flputnam Investment Management Co. purchased a new position in Iovance Biotherapeutics during the first quarter worth $37,000. Vontobel Holding Ltd. bought a new position in Iovance Biotherapeutics during the third quarter valued at $26,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Iovance Biotherapeutics in the third quarter valued at $27,000. Finally, Federated Hermes Inc. raised its stake in shares of Iovance Biotherapeutics by 67.6% in the third quarter. Federated Hermes Inc. now owns 15,111 shares of the biotechnology company’s stock valued at $33,000 after acquiring an additional 6,095 shares during the period. Hedge funds and other institutional investors own 77.03% of the company’s stock.

About Iovance Biotherapeutics

(Get Free Report)

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.

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