Iovance Biotherapeutics (NASDAQ:IOVA) Stock Price Up 10.3% – Here’s Why

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s stock price rose 10.3% during trading on Monday . The company traded as high as $9.51 and last traded at $9.43. Approximately 707,307 shares traded hands during trading, a decline of 90% from the average daily volume of 7,297,557 shares. The stock had previously closed at $8.55.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on IOVA. UBS Group initiated coverage on Iovance Biotherapeutics in a research report on Thursday, October 24th. They issued a “buy” rating and a $17.00 price target for the company. StockNews.com upgraded shares of Iovance Biotherapeutics to a “sell” rating in a report on Monday, August 12th. Finally, HC Wainwright restated a “buy” rating and set a $32.00 price target on shares of Iovance Biotherapeutics in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $22.33.

Iovance Biotherapeutics Trading Down 1.6 %

The business’s 50-day simple moving average is $9.87 and its 200-day simple moving average is $9.48. The company has a market cap of $2.78 billion, a PE ratio of -6.12 and a beta of 0.60.

Iovance Biotherapeutics (NASDAQ:IOVA) last released its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.28) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.03. Iovance Biotherapeutics had a negative return on equity of 58.43% and a negative net margin of 451.25%. The firm had revenue of $58.56 million during the quarter, compared to analysts’ expectations of $53.54 million. During the same quarter last year, the firm earned ($0.46) earnings per share. On average, research analysts predict that Iovance Biotherapeutics, Inc. will post -1.25 earnings per share for the current fiscal year.

Insider Activity at Iovance Biotherapeutics

In other Iovance Biotherapeutics news, Director Ryan D. Maynard sold 50,000 shares of Iovance Biotherapeutics stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $10.06, for a total value of $503,000.00. Following the completion of the sale, the director now directly owns 7,500 shares in the company, valued at $75,450. The trade was a 86.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 12.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of IOVA. Perceptive Advisors LLC increased its position in Iovance Biotherapeutics by 34.6% during the second quarter. Perceptive Advisors LLC now owns 25,933,142 shares of the biotechnology company’s stock worth $207,984,000 after buying an additional 6,660,151 shares during the last quarter. State Street Corp increased its holdings in shares of Iovance Biotherapeutics by 4.6% during the 3rd quarter. State Street Corp now owns 13,201,978 shares of the biotechnology company’s stock valued at $123,967,000 after acquiring an additional 576,801 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Iovance Biotherapeutics by 60.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,267,864 shares of the biotechnology company’s stock valued at $78,071,000 after acquiring an additional 1,991,262 shares in the last quarter. Long Focus Capital Management LLC lifted its holdings in Iovance Biotherapeutics by 195.1% in the 2nd quarter. Long Focus Capital Management LLC now owns 4,132,000 shares of the biotechnology company’s stock worth $33,139,000 after purchasing an additional 2,731,688 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in Iovance Biotherapeutics by 59.0% during the third quarter. Principal Financial Group Inc. now owns 4,033,184 shares of the biotechnology company’s stock worth $37,872,000 after purchasing an additional 1,496,941 shares during the period. 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 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.