Iovance Biotherapeutics (NASDAQ:IOVA) Stock Price Up 6.5% – Time to Buy?

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) shares were up 6.5% during mid-day trading on Thursday . The company traded as high as $10.48 and last traded at $10.46. Approximately 483,196 shares were traded during trading, a decline of 93% from the average daily volume of 7,151,609 shares. The stock had previously closed at $9.82.

Analyst Upgrades and Downgrades

Several analysts recently commented on IOVA shares. StockNews.com upgraded shares of Iovance Biotherapeutics to a “sell” rating in a research report on Monday, August 12th. Piper Sandler downgraded shares of Iovance Biotherapeutics from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $19.00 to $10.00 in a research note on Monday, July 29th. HC Wainwright restated a “buy” rating and issued a $32.00 price target on shares of Iovance Biotherapeutics in a research report on Monday, August 12th. Finally, UBS Group initiated coverage on Iovance Biotherapeutics in a research report on Thursday. They set a “buy” rating and a $17.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $22.33.

Iovance Biotherapeutics Trading Up 1.0 %

The business has a 50 day moving average price of $10.25 and a 200-day moving average price of $9.89. The firm has a market capitalization of $2.99 billion, a PE ratio of -5.93 and a beta of 0.62.

Iovance Biotherapeutics (NASDAQ:IOVA) last released its quarterly earnings data on Thursday, August 8th. The biotechnology company reported ($0.34) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.35) by $0.01. Iovance Biotherapeutics had a negative return on equity of 65.04% and a negative net margin of 1,343.27%. The firm had revenue of $31.11 million during the quarter, compared to analysts’ expectations of $24.59 million. During the same quarter in the prior year, the business posted ($0.47) earnings per share. Iovance Biotherapeutics’s revenue was up 12969.7% compared to the same quarter last year. On average, equities research analysts forecast that Iovance Biotherapeutics, Inc. will post -1.26 earnings per share for the current year.

Institutional Investors Weigh In On Iovance Biotherapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. China Universal Asset Management Co. Ltd. grew its holdings in shares of Iovance Biotherapeutics by 77.6% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 58,376 shares of the biotechnology company’s stock worth $548,000 after acquiring an additional 25,500 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in Iovance Biotherapeutics by 31.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,978 shares of the biotechnology company’s stock valued at $105,000 after purchasing an additional 2,624 shares during the last quarter. nVerses Capital LLC purchased a new position in shares of Iovance Biotherapeutics in the third quarter valued at $148,000. Vontobel Holding Ltd. raised its stake in shares of Iovance Biotherapeutics by 32.5% during the 3rd quarter. Vontobel Holding Ltd. now owns 18,940 shares of the biotechnology company’s stock worth $178,000 after buying an additional 4,647 shares during the last quarter. Finally, Creative Planning boosted its position in shares of Iovance Biotherapeutics by 2.6% in the 3rd quarter. Creative Planning now owns 73,489 shares of the biotechnology company’s stock worth $690,000 after buying an additional 1,896 shares in the last quarter. 77.03% of the stock is currently 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.