Iovance Biotherapeutics (NASDAQ:IOVA) Shares Up 6.9% – Time to Buy?

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) rose 6.9% during trading on Friday . The stock traded as high as $6.03 and last traded at $6.00. Approximately 3,881,533 shares changed hands during trading, a decline of 53% from the average daily volume of 8,297,780 shares. The stock had previously closed at $5.61.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Iovance Biotherapeutics in a research note on Wednesday, November 6th. Piper Sandler dropped their target price on Iovance Biotherapeutics from $10.00 to $7.50 and set a “neutral” rating on the stock in a report on Friday, January 31st. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Iovance Biotherapeutics has an average rating of “Moderate Buy” and a consensus target price of $21.07.

Iovance Biotherapeutics Trading Up 3.0 %

The stock has a market cap of $1.76 billion, a PE ratio of -3.88 and a beta of 0.53. The business has a 50-day moving average price of $6.44 and a 200 day moving average price of $8.70.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Man Group plc bought a new stake in Iovance Biotherapeutics during the 4th quarter worth approximately $17,871,000. Assenagon Asset Management S.A. bought a new position in shares of Iovance Biotherapeutics in the fourth quarter worth $12,927,000. Raymond James Financial Inc. bought a new stake in Iovance Biotherapeutics during the fourth quarter valued at $11,568,000. Principal Financial Group Inc. boosted its stake 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 valued at $37,872,000 after buying an additional 1,496,941 shares during the period. Finally, Marshall Wace LLP purchased a new position in Iovance Biotherapeutics during the fourth quarter worth about $8,365,000. 77.03% of the stock is currently owned by hedge funds and other institutional investors.

Iovance Biotherapeutics Company Profile

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.