Iovance Biotherapeutics (NASDAQ:IOVA) Trading Up 6.9% – Here’s Why

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

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on IOVA. UBS Group started 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. Piper Sandler lowered their price objective on shares of Iovance Biotherapeutics from $10.00 to $7.50 and set a “neutral” rating on the stock in a research note on Friday, January 31st. Finally, HC Wainwright restated a “buy” rating and set a $32.00 target price on shares of Iovance Biotherapeutics in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Iovance Biotherapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.07.

Iovance Biotherapeutics Stock Up 2.5 %

The business’s fifty day moving average price is $6.48 and its 200 day moving average price is $8.71. The firm has a market capitalization of $1.75 billion, a PE ratio of -3.85 and a beta of 0.53.

Institutional Trading of Iovance Biotherapeutics

A number of hedge funds have recently added to or reduced their stakes in the business. AlphaQuest LLC increased its holdings in shares of Iovance Biotherapeutics by 63.6% during the 4th quarter. AlphaQuest LLC now owns 4,613 shares of the biotechnology company’s stock worth $34,000 after buying an additional 1,794 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in Iovance Biotherapeutics during the 4th quarter worth approximately $36,000. GF Fund Management CO. LTD. acquired a new stake in Iovance Biotherapeutics in the fourth quarter valued at $47,000. One68 Global Capital LLC bought a new position in shares of Iovance Biotherapeutics during the fourth quarter worth about $74,000. Finally, Quarry LP acquired a new position in shares of Iovance Biotherapeutics in the 4th quarter worth approximately $74,000. 77.03% of the stock is owned by institutional investors and hedge funds.

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.