Iovance Biotherapeutics (NASDAQ:IOVA) Shares Up 6.7% – Time to Buy?

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s stock price shot up 6.7% during mid-day trading on Tuesday . The stock traded as high as $2.26 and last traded at $2.3040. 5,660,786 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 13,505,381 shares. The stock had previously closed at $2.16.

Analysts Set New Price Targets

Several research firms have weighed in on IOVA. HC Wainwright dropped their target price on shares of Iovance Biotherapeutics from $20.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, October 29th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Iovance Biotherapeutics in a research note on Wednesday, October 8th. Barclays upped their price objective on Iovance Biotherapeutics from $9.00 to $10.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Chardan Capital lowered their price target on shares of Iovance Biotherapeutics from $20.00 to $17.00 and set a “buy” rating for the company in a research report on Thursday, November 6th. Six research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $11.10.

Iovance Biotherapeutics Stock Down 2.4%

The firm has a market capitalization of $976.55 million, a P/E ratio of -2.05 and a beta of 0.83. The business has a 50-day moving average price of $2.26 and a 200-day moving average price of $2.26.

Iovance Biotherapeutics (NASDAQ:IOVA) last posted its quarterly earnings data on Thursday, November 6th. The biotechnology company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.04. Iovance Biotherapeutics had a negative net margin of 158.78% and a negative return on equity of 55.24%. The company had revenue of $67.46 million during the quarter, compared to analyst estimates of $76.20 million. As a group, sell-side analysts forecast that Iovance Biotherapeutics, Inc. will post -1.24 EPS for the current year.

Hedge Funds Weigh In On Iovance Biotherapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vontobel Holding Ltd. acquired a new position in shares of Iovance Biotherapeutics in the third quarter valued at approximately $26,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Iovance Biotherapeutics in the 3rd quarter valued at approximately $27,000. WealthTrust Axiom LLC grew its stake in shares of Iovance Biotherapeutics by 80.0% in the second quarter. WealthTrust Axiom LLC now owns 18,000 shares of the biotechnology company’s stock valued at $31,000 after buying an additional 8,000 shares in the last quarter. Federated Hermes Inc. raised its position in Iovance Biotherapeutics by 67.6% during the third quarter. Federated Hermes Inc. now owns 15,111 shares of the biotechnology company’s stock worth $33,000 after acquiring an additional 6,095 shares in the last quarter. Finally, Wealthfront Advisers LLC acquired a new stake in Iovance Biotherapeutics in the third quarter valued at $34,000. 77.03% of the stock is owned by 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.