Iovance Biotherapeutics (NASDAQ:IOVA) Sees Large Volume Increase After Analyst Upgrade

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA – Get Rating) shares saw strong trading volume on Tuesday after Truist Financial raised their price target on the stock from $16.00 to $17.00. Truist Financial currently has a buy rating on the stock. 4,380,380 shares traded hands during mid-day trading, an increase of 15% from the previous session’s volume of 3,804,472 shares.The stock last traded at $7.35 and had previously closed at $7.00.

IOVA has been the topic of a number of other reports. Benchmark lowered Iovance Biotherapeutics to a “neutral” rating and lowered their target price for the stock from $20.00 to $6.00 in a research report on Friday, December 9th. JMP Securities lowered their target price on Iovance Biotherapeutics from $25.00 to $21.00 and set a “market outperform” rating on the stock in a research report on Monday, November 21st. Chardan Capital lowered their target price on Iovance Biotherapeutics from $30.00 to $29.00 and set a “buy” rating on the stock in a research report on Friday, November 18th. Oppenheimer lowered their target price on Iovance Biotherapeutics from $27.00 to $25.00 in a research report on Friday, November 18th. Finally, The Goldman Sachs Group lowered Iovance Biotherapeutics from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $20.00 to $6.00 in a research report on Thursday, December 8th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $19.73.

Insider Buying and Selling at Iovance Biotherapeutics

In other Iovance Biotherapeutics news, Director Iain D. Dukes acquired 10,000 shares of Iovance Biotherapeutics stock in a transaction on Wednesday, November 23rd. The stock was purchased at an average price of $6.10 per share, for a total transaction of $61,000.00. Following the purchase, the director now directly owns 22,000 shares of the company’s stock, valued at $134,200. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Wayne P. Rothbaum purchased 10,000,000 shares of the company’s stock in a transaction dated Friday, December 2nd. The shares were purchased at an average price of $6.50 per share, with a total value of $65,000,000.00. Following the transaction, the director now directly owns 18,067,333 shares of the company’s stock, valued at $117,437,664.50. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Iain D. Dukes purchased 10,000 shares of the company’s stock in a transaction dated Wednesday, November 23rd. The shares were purchased at an average cost of $6.10 per share, for a total transaction of $61,000.00. Following the transaction, the director now directly owns 22,000 shares in the company, valued at $134,200. The disclosure for this purchase can be found here. Insiders acquired 10,031,000 shares of company stock worth $65,190,280 in the last quarter. 7.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Lazard Asset Management LLC lifted its position in shares of Iovance Biotherapeutics by 38.5% during the 1st quarter. Lazard Asset Management LLC now owns 3,357 shares of the biotechnology company’s stock valued at $55,000 after buying an additional 934 shares during the last quarter. MetLife Investment Management LLC purchased a new position in shares of Iovance Biotherapeutics during the 1st quarter valued at $83,000. Royal Bank of Canada lifted its position in shares of Iovance Biotherapeutics by 54.5% during the 3rd quarter. Royal Bank of Canada now owns 5,066 shares of the biotechnology company’s stock valued at $48,000 after buying an additional 1,787 shares during the last quarter. Quantbot Technologies LP purchased a new position in shares of Iovance Biotherapeutics during the 1st quarter valued at $96,000. Finally, Advisory Services Network LLC purchased a new position in shares of Iovance Biotherapeutics during the 1st quarter valued at $107,000. Hedge funds and other institutional investors own 96.78% of the company’s stock.

Iovance Biotherapeutics Trading Up 9.9 %

The business has a fifty day moving average of $6.47 and a 200-day moving average of $9.17. The firm has a market cap of $1.21 billion, a PE ratio of -3.11 and a beta of 0.38.

Iovance Biotherapeutics (NASDAQ:IOVA – Get Rating) last issued its quarterly earnings data on Thursday, November 3rd. The biotechnology company reported ($0.63) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.64) by $0.01. On average, equities analysts forecast that Iovance Biotherapeutics, Inc. will post -2.5 EPS for the current year.

About Iovance Biotherapeutics

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Iovance Biotherapeutics, Inc is a biopharmaceutical company, which engages in the development and commercialization of cell therapies as novel cancer immunotherapy products. Its lead product candidate, LN-144 for metastatic melanoma, is an autologous adoptive cell therapy utilizing tumor-infiltrating lymphocytes (TIL), which are T cells derived from patients’ tumors.