Iovance Biotherapeutics (NASDAQ:IOVA) Sets New 1-Year High After Earnings Beat

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

The biotechnology company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $87.83 million. During the same period last year, the company posted ($0.33) EPS. The business’s revenue was up 65.7% on a year-over-year basis.

Wall Street Analyst Weigh In

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

Institutional Trading of Iovance Biotherapeutics

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Iovance Biotherapeutics by 13.1% during the fourth quarter. Vanguard Group Inc. now owns 27,207,079 shares of the biotechnology company’s stock valued at $74,275,000 after purchasing an additional 3,148,096 shares during the period. State Street Corp increased its stake in Iovance Biotherapeutics by 51.5% in the 4th quarter. State Street Corp now owns 20,161,445 shares of the biotechnology company’s stock worth $55,041,000 after buying an additional 6,851,486 shares during the period. Invenomic Capital Management LP lifted its holdings in Iovance Biotherapeutics by 13.5% during the 4th quarter. Invenomic Capital Management LP now owns 11,959,505 shares of the biotechnology company’s stock valued at $32,649,000 after buying an additional 1,417,897 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Iovance Biotherapeutics by 30.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 8,607,564 shares of the biotechnology company’s stock valued at $23,499,000 after buying an additional 2,032,062 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Iovance Biotherapeutics by 16.4% in the 4th quarter. Geode Capital Management LLC now owns 7,991,640 shares of the biotechnology company’s stock valued at $21,821,000 after buying an additional 1,123,337 shares during the period. 77.03% of the stock is currently owned by institutional investors.

Iovance Biotherapeutics Trading Up 42.7%

The company has a market capitalization of $2.76 billion, a PE ratio of -6.53 and a beta of 0.71. The firm’s 50-day simple moving average is $4.32 and its 200-day simple moving average is $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.