Iovance Biotherapeutics (NASDAQ:IOVA) Shares Gap Up After Analyst Upgrade

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA – Get Rating) gapped up prior to trading on Tuesday after Robert W. Baird raised their price target on the stock from $20.00 to $23.00. The stock had previously closed at $7.99, but opened at $8.22. Iovance Biotherapeutics shares last traded at $8.65, with a volume of 680,449 shares changing hands.

Several other analysts also recently issued reports on the stock. Oppenheimer reduced their price target on shares of Iovance Biotherapeutics from $25.00 to $15.00 and set an “outperform” rating on the stock in a report on Wednesday, March 1st. HC Wainwright reaffirmed a “buy” rating and issued a $38.00 price target on shares of Iovance Biotherapeutics in a report on Wednesday, March 1st. Piper Sandler raised shares of Iovance Biotherapeutics from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $11.00 to $14.00 in a research report on Friday, January 27th. Truist Financial boosted their price objective on shares of Iovance Biotherapeutics from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Tuesday, January 24th. Finally, StockNews.com raised shares of Iovance Biotherapeutics from a “sell” rating to a “hold” rating in a research report on Friday, May 12th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $18.00.

Hedge Funds Weigh In On Iovance Biotherapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Perceptive Advisors LLC increased its position in Iovance Biotherapeutics by 53.8% during the first quarter. Perceptive Advisors LLC now owns 15,339,735 shares of the biotechnology company’s stock worth $93,726,000 after purchasing an additional 5,367,955 shares during the last quarter. Vanguard Group Inc. grew its stake in Iovance Biotherapeutics by 6.7% during the third quarter. Vanguard Group Inc. now owns 14,253,754 shares of the biotechnology company’s stock worth $136,551,000 after buying an additional 890,727 shares during the period. BlackRock Inc. grew its stake in Iovance Biotherapeutics by 3.1% during the first quarter. BlackRock Inc. now owns 12,456,662 shares of the biotechnology company’s stock worth $76,110,000 after buying an additional 379,560 shares during the period. MHR Fund Management LLC purchased a new stake in Iovance Biotherapeutics during the fourth quarter worth approximately $76,661,000. Finally, State Street Corp grew its stake in Iovance Biotherapeutics by 71.9% during the second quarter. State Street Corp now owns 11,770,751 shares of the biotechnology company’s stock worth $129,949,000 after buying an additional 4,925,025 shares during the period. Institutional investors and hedge funds own 96.78% of the company’s stock.

Iovance Biotherapeutics Stock Up 13.4 %

The firm’s 50 day simple moving average is $6.39 and its 200-day simple moving average is $6.75. The company has a market capitalization of $2.03 billion, a PE ratio of -3.77 and a beta of 0.20.

Iovance Biotherapeutics (NASDAQ:IOVA – Get Rating) last released its quarterly earnings data on Tuesday, May 9th. The biotechnology company reported ($0.50) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.84) by $0.34. During the same quarter in the previous year, the company earned ($0.58) EPS. As a group, sell-side analysts anticipate that Iovance Biotherapeutics, Inc. will post -2.55 EPS for the current fiscal 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.