Iovance Biotherapeutics (NASDAQ:IOVA) Stock Price Up 6%

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s share price was up 6% during trading on Thursday . The stock traded as high as $15.18 and last traded at $14.95. Approximately 2,922,543 shares traded hands during trading, a decline of 70% from the average daily volume of 9,744,391 shares. The stock had previously closed at $14.10.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on IOVA shares. Truist Financial reiterated a “buy” rating and set a $17.00 price objective on shares of Iovance Biotherapeutics in a research report on Wednesday, December 27th. HC Wainwright restated a “buy” rating and set a $32.00 price target on shares of Iovance Biotherapeutics in a research report on Thursday, February 29th. Wells Fargo & Company raised their price target on Iovance Biotherapeutics from $22.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, March 1st. Piper Sandler raised their price target on Iovance Biotherapeutics from $18.00 to $19.00 and gave the stock an “overweight” rating in a research report on Thursday, March 14th. Finally, JMP Securities raised their price target on Iovance Biotherapeutics from $18.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Tuesday, February 20th. One equities research analyst has rated the stock with a sell rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Iovance Biotherapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $24.64.

Iovance Biotherapeutics Stock Up 5.1 %

The company has a market capitalization of $4.14 billion, a P/E ratio of -7.88 and a beta of 0.63. The company has a 50-day moving average of $12.17 and a two-hundred day moving average of $7.98.

Iovance Biotherapeutics (NASDAQ:IOVA) last released its quarterly earnings results on Wednesday, February 28th. The biotechnology company reported ($0.45) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($0.01). The company had revenue of $0.48 million during the quarter, compared to the consensus estimate of $1.44 million. During the same quarter in the previous year, the company earned ($0.64) EPS. As a group, equities analysts expect that Iovance Biotherapeutics, Inc. will post -1.4 EPS for the current fiscal year.

Insiders Place Their Bets

In other Iovance Biotherapeutics news, Director Merrill A. Mcpeak purchased 250,000 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was purchased at an average price of $9.15 per share, for a total transaction of $2,287,500.00. Following the completion of the purchase, the director now directly owns 320,150 shares of the company’s stock, valued at $2,929,372.50. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Lazard Asset Management LLC increased its position in Iovance Biotherapeutics by 38.5% during the first quarter. Lazard Asset Management LLC now owns 3,357 shares of the biotechnology company’s stock valued at $55,000 after acquiring an additional 934 shares during the last quarter. Baird Financial Group Inc. increased its position in Iovance Biotherapeutics by 3.7% during the first quarter. Baird Financial Group Inc. now owns 27,545 shares of the biotechnology company’s stock valued at $459,000 after acquiring an additional 995 shares during the last quarter. Rockefeller Capital Management L.P. increased its position in Iovance Biotherapeutics by 3.8% during the second quarter. Rockefeller Capital Management L.P. now owns 37,758 shares of the biotechnology company’s stock valued at $266,000 after acquiring an additional 1,385 shares during the last quarter. Diversified Trust Co increased its position in Iovance Biotherapeutics by 12.3% during the fourth quarter. Diversified Trust Co now owns 13,512 shares of the biotechnology company’s stock valued at $110,000 after acquiring an additional 1,481 shares during the last quarter. Finally, American Century Companies Inc. increased its position in Iovance Biotherapeutics by 0.5% during the first quarter. American Century Companies Inc. now owns 319,310 shares of the biotechnology company’s stock valued at $1,951,000 after acquiring an additional 1,649 shares during the last quarter. Hedge funds and other institutional investors own 77.03% of the company’s stock.

About Iovance Biotherapeutics

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. 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.