Iovance Biotherapeutics (NASDAQ:IOVA) Sets New 52-Week High on Strong Earnings

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s stock price reached a new 52-week high during trading on Thursday following a better than expected earnings announcement. The stock traded as high as $6.39 and last traded at $6.0790, with a volume of 15425509 shares changing hands. The stock had previously closed at $4.34.

The biotechnology company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.02. Iovance Biotherapeutics had a negative net margin of 123.92% and a negative return on equity of 50.17%. The business had revenue of $198.63 million for the quarter, compared to analysts’ expectations of $87.83 million. During the same quarter last year, the company posted ($0.33) EPS. The company’s revenue was up 65.7% compared to the same quarter last year.

Analysts Set New Price Targets

A number of research firms have commented on IOVA. Weiss Ratings restated a “sell (d-)” rating on shares of Iovance Biotherapeutics in a research note on Thursday, July 2nd. Chardan Capital reduced their price objective on shares of Iovance Biotherapeutics from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. Five equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $8.43.

Institutional Trading of Iovance Biotherapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Aberdeen Group plc increased its holdings in shares of Iovance Biotherapeutics by 25.1% in the fourth quarter. Aberdeen Group plc now owns 759,522 shares of the biotechnology company’s stock worth $2,073,000 after purchasing an additional 152,312 shares during the last quarter. Knott David M Jr purchased a new position in Iovance Biotherapeutics during the 1st quarter valued at approximately $5,616,000. Vanguard Group Inc. increased its stake in Iovance Biotherapeutics by 13.1% in the 4th quarter. Vanguard Group Inc. now owns 27,207,079 shares of the biotechnology company’s stock worth $74,275,000 after acquiring an additional 3,148,096 shares during the last quarter. Profund Advisors LLC raised its holdings in shares of Iovance Biotherapeutics by 149.7% during the 4th quarter. Profund Advisors LLC now owns 260,660 shares of the biotechnology company’s stock worth $712,000 after acquiring an additional 156,253 shares in the last quarter. Finally, Leonteq Securities AG purchased a new stake in shares of Iovance Biotherapeutics during the 4th quarter worth approximately $532,000. 77.03% of the stock is currently owned by institutional investors.

Iovance Biotherapeutics Trading Up 42.7%

The stock has a market capitalization of $2.76 billion, a P/E ratio of -6.53 and a beta of 0.71. The business has a 50-day moving average price of $4.32 and a 200 day moving average price of $3.75.

About Iovance Biotherapeutics

Iovance Biotherapeutics, Inc is a clinical‐stage biotechnology company specializing in the development and commercialization of tumor‐infiltrating lymphocyte (TIL) immunotherapies for the treatment of solid tumors. The company’s lead product candidate, lifileucel (formerly LN‐144), is an autologous TIL therapy in late‐stage clinical development for patients with advanced melanoma. Iovance’s pipeline also includes next‐generation TIL programs such as LN‐145 for cervical and other human papillomavirus (HPV)‐related cancers, as well as exploratory studies in head and neck, non‐small cell lung, gastric and other solid tumor indications.

Iovance’s TIL platform harnesses a patient’s own immune system by isolating, expanding and reinfusing tumor‐reactive lymphocytes.