Iovance Biotherapeutics (NASDAQ:IOVA) Stock Price Up 11% Following Analyst Upgrade

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s share price was up 11% on Wednesday after Mizuho raised their price target on the stock from $10.00 to $11.00. Mizuho currently has an outperform rating on the stock. Iovance Biotherapeutics traded as high as $7.75 and last traded at $7.8040. Approximately 8,219,844 shares changed hands during mid-day trading, a decline of 47% from the average daily volume of 15,481,011 shares. The stock had previously closed at $7.03.

Other equities research analysts have also recently issued reports about the company. Barclays boosted their price objective on Iovance Biotherapeutics from $11.00 to $13.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Robert W. Baird set a $6.00 target price on Iovance Biotherapeutics in a research report on Friday, August 7th. Citigroup restated an “outperform” rating on shares of Iovance Biotherapeutics in a report on Friday, August 7th. Citizens Jmp lifted their price objective on shares of Iovance Biotherapeutics from $5.00 to $8.00 and gave the stock a “market outperform” rating in a research note on Friday, August 7th. Finally, Chardan Capital cut their price objective on shares of Iovance Biotherapeutics from $16.00 to $14.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Iovance Biotherapeutics has a consensus rating of “Hold” and a consensus target price of $8.38.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in IOVA. Palo Alto Investors LP bought a new stake in Iovance Biotherapeutics during the 2nd quarter valued at about $22,032,229,000. Corient Private Wealth LP purchased a new position in shares of Iovance Biotherapeutics during the second quarter worth approximately $220,000. Bank of America Corp DE purchased a new position in shares of Iovance Biotherapeutics during the second quarter worth approximately $20,773,000. Freestone Grove Partners LP bought a new stake in shares of Iovance Biotherapeutics during the second quarter valued at approximately $178,000. Finally, Man Group plc bought a new stake in shares of Iovance Biotherapeutics during the second quarter valued at approximately $1,052,000. 77.03% of the stock is currently owned by institutional investors.

Iovance Biotherapeutics Price Performance

The stock has a market cap of $3.53 billion, a PE ratio of -10.71 and a beta of 0.71. The business has a fifty day moving average of $4.78 and a 200-day moving average of $4.01.

Iovance Biotherapeutics (NASDAQ:IOVA) last released its quarterly earnings data on Thursday, August 6th. The biotechnology company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.02. Iovance Biotherapeutics had a negative return on equity of 40.51% and a negative net margin of 89.11%.The company had revenue of $198.63 million for the quarter, compared to the consensus estimate of $87.83 million. During the same period last year, the business posted ($0.33) EPS. Iovance Biotherapeutics’s quarterly revenue was up 65.7% on a year-over-year basis. As a group, equities research analysts predict that Iovance Biotherapeutics, Inc. will post -0.5 EPS for the current year.

Iovance Biotherapeutics Company Profile

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.