Iovance Biotherapeutics (NASDAQ:IOVA) Hits New 12-Month High – Here’s Why

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) shares hit a new 52-week high during trading on Wednesday. The stock traded as high as $15.37 and last traded at $15.1370, with a volume of 1,808,888 shares traded. The stock had previously closed at $14.86.

Analysts Set New Price Targets

IOVA has been the topic of a number of analyst reports. TD Cowen upped their price target on Iovance Biotherapeutics from $7.00 to $10.00 and gave the company a “buy” rating in a research report on Monday, August 24th. Citizens Jmp raised their price objective on Iovance Biotherapeutics from $5.00 to $8.00 and gave the stock a “market outperform” rating in a research report on Friday, August 7th. Barclays lifted their price objective on Iovance Biotherapeutics from $15.00 to $18.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 13th. HC Wainwright upped their target price on Iovance Biotherapeutics from $9.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, September 29th. Finally, The Goldman Sachs Group started coverage on Iovance Biotherapeutics in a report on Thursday, September 24th. They issued a “buy” rating and a $15.00 target price on the stock. Nine analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $13.20.

Iovance Biotherapeutics Price Performance

The company’s 50-day moving average price is $10.49 and its two-hundred day moving average price is $6.37. The company has a market capitalization of $6.71 billion, a price-to-earnings ratio of -20.25 and a beta of 0.76.

Iovance Biotherapeutics (NASDAQ:IOVA) last released its earnings results on Thursday, August 6th. The biotechnology company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.02. The business had revenue of $99.31 million for the quarter, compared to analyst estimates of $87.83 million. Iovance Biotherapeutics had a negative net margin of 89.11% and a negative return on equity of 40.51%. Iovance Biotherapeutics’s revenue for the quarter was up 65.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.33) earnings per share. On average, equities research analysts expect that Iovance Biotherapeutics, Inc. will post -0.45 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rice Hall James & Associates LLC bought a new stake in shares of Iovance Biotherapeutics during the 2nd quarter valued at about $6,406,000. Hennion & Walsh Asset Management Inc. increased its holdings in Iovance Biotherapeutics by 100.0% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 818,913 shares of the biotechnology company’s stock worth $3,407,000 after purchasing an additional 409,449 shares in the last quarter. GSA Capital Partners LLP bought a new stake in Iovance Biotherapeutics in the second quarter worth approximately $2,726,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Iovance Biotherapeutics in the second quarter worth approximately $449,000. Finally, Palo Alto Investors LP acquired a new position in Iovance Biotherapeutics in the second quarter valued at approximately $22,032,229. 77.03% of the stock is owned by institutional investors and hedge funds.

About Iovance Biotherapeutics

Iovance Biotherapeutics, Inc (NASDAQ: IOVA) is a biotechnology company focused on developing and commercializing personalized cell therapies for patients with cancer. Its technology is based on tumor-infiltrating lymphocytes (TILs), immune cells collected from a patient’s tumor, expanded outside the body, and reinfused to help attack cancer cells.

The company’s lead product, Amtagvi (lifileucel), is an autologous TIL therapy approved in the United States for certain adults with unresectable or metastatic melanoma that has progressed following prior treatment.