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

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $9.41 and last traded at $9.26, with a volume of 21030162 shares trading hands. The stock had previously closed at $8.60.

Analyst Upgrades and Downgrades

Several analysts have weighed in on IOVA shares. Citizens Jmp raised their price target on Iovance Biotherapeutics from $5.00 to $8.00 and gave the company a “market outperform” rating in a report on Friday, August 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Iovance Biotherapeutics in a report on Thursday, July 2nd. Citigroup restated an “outperform” rating on shares of Iovance Biotherapeutics in a research report on Friday, August 7th. Robert W. Baird set a $6.00 target price on shares of Iovance Biotherapeutics in a research note on Friday, August 7th. Finally, Mizuho lifted their target price on shares of Iovance Biotherapeutics from $10.00 to $11.00 and gave the company an “outperform” rating in a research report on Tuesday, August 18th. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $8.89.

Iovance Biotherapeutics Price Performance

The firm’s 50 day moving average is $6.65 and its 200 day moving average is $4.86. The company has a market capitalization of $4.47 billion, a PE ratio of -13.52 and a beta of 0.83.

Iovance Biotherapeutics (NASDAQ:IOVA) last posted its earnings results on Thursday, August 6th. The biotechnology company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. The company had revenue of $99.31 million during 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 period in the prior year, the business posted ($0.33) earnings per share. As a group, analysts predict that Iovance Biotherapeutics, Inc. will post -0.49 EPS for the current fiscal year.

Institutional Investors Weigh In On Iovance Biotherapeutics

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

Iovance Biotherapeutics Company Profile

Iovance Biotherapeutics, Inc is a biotechnology company focused on developing and commercializing individualized cell therapies for patients with cancer. Its platform uses tumor-infiltrating lymphocytes (TILs), immune cells collected from a patient’s tumor, expanded in a manufacturing facility and returned to the patient to help recognize and attack cancer cells.

The company’s lead product, Amtagvi (lifileucel), is an autologous TIL therapy approved by the U.S. Food and Drug Administration for certain adults with unresectable or metastatic melanoma that has progressed following prior treatment.