Iovance Biotherapeutics (NASDAQ:IOVA) Sets New 1-Year High – Here’s What Happened

Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) hit a new 52-week high during trading on Wednesday. The company traded as high as $15.37 and last traded at $15.1370, with a volume of 1,808,888 shares traded. The stock had previously closed at $14.86.

Wall Street Analyst Weigh In

IOVA has been the subject of several recent research reports. UBS Group increased their target price on shares of Iovance Biotherapeutics from $4.00 to $7.00 and gave the stock a “neutral” rating in a report on Thursday, August 20th. The Goldman Sachs Group initiated coverage on shares of Iovance Biotherapeutics in a research note on Thursday, September 24th. They issued a “buy” rating and a $15.00 price target on the stock. TD Cowen boosted their price target on shares of Iovance Biotherapeutics from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Monday, August 24th. HC Wainwright boosted their price target on shares of Iovance Biotherapeutics from $9.00 to $20.00 and gave the stock a “buy” rating in a research report on Tuesday, September 29th. Finally, Wells Fargo & Company increased their price objective on shares of Iovance Biotherapeutics from $14.00 to $18.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 30th. Nine analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.20.

Iovance Biotherapeutics Stock Down 3.3%

The stock has a market capitalization of $6.40 billion, a P/E ratio of -19.37 and a beta of 0.76. The stock has a 50 day simple moving average of $10.80 and a two-hundred day simple moving average of $6.52.

Iovance Biotherapeutics (NASDAQ:IOVA) last announced its quarterly earnings data on Thursday, August 6th. The biotechnology company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. The company had revenue of $99.31 million for the quarter, compared to analysts’ expectations of $87.83 million. Iovance Biotherapeutics had a negative return on equity of 40.51% and a negative net margin of 89.11%. The business’s revenue was up 65.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.33) EPS. Sell-side analysts predict that Iovance Biotherapeutics, Inc. will post -0.45 earnings per share for the current fiscal year.

Institutional Trading of Iovance Biotherapeutics

A number of large investors have recently added to or reduced their stakes in IOVA. BlackRock Inc. bought a new stake in shares of Iovance Biotherapeutics in the 2nd quarter valued at about $153,744,000. Palo Alto Investors LP bought a new position in Iovance Biotherapeutics during the second quarter worth about $22,032,229. Bank of America Corp DE bought a new position in Iovance Biotherapeutics during the second quarter worth about $20,773,000. Mirador Capital Partners LP grew its holdings in Iovance Biotherapeutics by 1.4% during the third quarter. Mirador Capital Partners LP now owns 1,095,740 shares of the biotechnology company’s stock worth $16,239,000 after purchasing an additional 15,452 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Iovance Biotherapeutics by 71.9% in the first quarter. Dimensional Fund Advisors LP now owns 2,645,702 shares of the biotechnology company’s stock valued at $9,282,000 after buying an additional 1,106,592 shares during the period. Institutional investors and hedge funds own 77.03% of the company’s stock.

Iovance Biotherapeutics Company Profile

Iovance Biotherapeutics, Inc (NASDAQ: IOVA) is a biotechnology company focused on developing and commercializing personalized cell therapies for patients with cancer. Its technology is based on tumor-infiltrating lymphocytes (TILs), immune cells collected from a patient’s tumor, expanded outside the body, and reinfused to help attack cancer cells.

The company’s lead product, Amtagvi (lifileucel), is an autologous TIL therapy approved in the United States for certain adults with unresectable or metastatic melanoma that has progressed following prior treatment.