Iovance Biotherapeutics (NASDAQ:IOVA) Sets New 12-Month High – Here’s What Happened

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s stock price reached a new 52-week high during trading on Friday . The stock traded as high as $7.00 and last traded at $6.98, with a volume of 17302868 shares. The stock had previously closed at $6.52.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on IOVA shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Iovance Biotherapeutics in a research report on Thursday, July 2nd. Citigroup reaffirmed an “outperform” rating on shares of Iovance Biotherapeutics in a research note on Friday, August 7th. Robert W. Baird set a $6.00 price objective on Iovance Biotherapeutics in a research report on Friday, August 7th. Citizens Jmp increased their target price on shares of Iovance Biotherapeutics from $5.00 to $8.00 and gave the stock a “market outperform” rating in a report on Friday, August 7th. Finally, Barclays raised their target price on shares of Iovance Biotherapeutics from $11.00 to $13.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Five equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Iovance Biotherapeutics has an average rating of “Hold” and a consensus price target of $8.00.

Iovance Biotherapeutics Trading Up 7.1%

The firm has a market cap of $3.16 billion, a PE ratio of -9.56 and a beta of 0.71. The stock has a 50 day simple moving average of $4.60 and a 200-day simple moving average of $3.92.

Iovance Biotherapeutics (NASDAQ:IOVA) last announced its quarterly earnings data on Thursday, August 6th. The biotechnology company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.02. The business had revenue of $198.63 million for the quarter, compared to the consensus estimate of $87.83 million. Iovance Biotherapeutics had a negative return on equity of 40.92% and a negative net margin of 89.11%.The business’s revenue was up 65.7% on a year-over-year basis. During the same period in the previous year, the business earned ($0.33) earnings per share. On average, equities research analysts expect that Iovance Biotherapeutics, Inc. will post -0.5 EPS for the current year.

Hedge Funds Weigh In On Iovance Biotherapeutics

Several hedge funds have recently modified their holdings of the stock. Xponance LLC grew its stake in Iovance Biotherapeutics by 19.4% during the fourth quarter. Xponance LLC now owns 24,288 shares of the biotechnology company’s stock valued at $66,000 after acquiring an additional 3,950 shares in the last quarter. Raymond James Financial Inc. lifted its stake in Iovance Biotherapeutics by 1.4% in the 2nd quarter. Raymond James Financial Inc. now owns 324,098 shares of the biotechnology company’s stock worth $557,000 after purchasing an additional 4,618 shares in the last quarter. Orion Investment Co lifted its stake in Iovance Biotherapeutics by 0.3% in the 4th quarter. Orion Investment Co now owns 1,856,934 shares of the biotechnology company’s stock worth $5,069,000 after purchasing an additional 5,150 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Iovance Biotherapeutics by 37.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,290 shares of the biotechnology company’s stock valued at $53,000 after purchasing an additional 5,301 shares during the last quarter. Finally, Captrust Financial Advisors boosted its holdings in shares of Iovance Biotherapeutics by 13.5% during the 4th quarter. Captrust Financial Advisors now owns 46,812 shares of the biotechnology company’s stock valued at $128,000 after purchasing an additional 5,563 shares during 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.