Iovance Biotherapeutics (NASDAQ:IOVA) Shares Up 4.5% – Time to Buy?

Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) rose 4.5% during mid-day trading on Wednesday . The stock traded as high as $3.32 and last traded at $3.40. Approximately 517,625 shares traded hands during trading, a decline of 93% from the average daily volume of 7,132,940 shares. The stock had previously closed at $3.25.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Iovance Biotherapeutics in a research report on Friday, February 28th. The Goldman Sachs Group cut their price target on Iovance Biotherapeutics from $22.00 to $19.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. Piper Sandler decreased their price objective on Iovance Biotherapeutics from $7.50 to $6.00 and set a “neutral” rating for the company in a report on Friday, February 28th. Truist Financial cut their target price on Iovance Biotherapeutics from $25.00 to $15.00 and set a “buy” rating on the stock in a research note on Monday, March 3rd. Finally, Chardan Capital decreased their price target on shares of Iovance Biotherapeutics from $34.00 to $30.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $20.25.

Iovance Biotherapeutics Stock Performance

The business’s 50-day moving average price is $4.78 and its 200 day moving average price is $7.44. The company has a market cap of $1.15 billion, a P/E ratio of -2.36 and a beta of 1.05.

Iovance Biotherapeutics (NASDAQ:IOVA) last announced its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.26) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.26). Iovance Biotherapeutics had a negative return on equity of 58.43% and a negative net margin of 451.25%. The firm had revenue of $73.69 million for the quarter, compared to the consensus estimate of $72.17 million. Equities research analysts forecast that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current year.

Institutional Investors Weigh In On Iovance Biotherapeutics

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

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.