Iovance Biotherapeutics (NASDAQ:IOVA) Sets New 52-Week High - Here's What Happened

Key Points

• Iovance Biotherapeutics hit a new 52-week high, trading as high as $5.64 intraday before closing at $5.28, on volume of about 1.73 million shares.
• Analyst sentiment remains mixed: the stock has five Buy ratings, three Hold ratings, and two Sell ratings, with a consensus rating of Hold and an average price target of $8.43.
• The company recently reported quarterly EPS of -$0.19, meeting expectations, while revenue rose 44.9% year over year to $71.43 million, though it came in below analyst estimates.

Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $5.64 and last traded at $5.28, with a volume of 1731287 shares trading hands. The stock had previously closed at $5.48.

Wall Street Analysts Forecast Growth

IOVA has been the subject of a number of research analyst reports. Chardan Capital lowered 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. Truist Financial upgraded shares of Iovance Biotherapeutics to a "hold" rating in a research note on Wednesday, March 25th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Iovance Biotherapeutics in a research report on Thursday, July 2nd. Five equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $8.43.

Iovance Biotherapeutics Price Performance

The company's 50 day simple moving average is $4.12 and its 200 day simple moving average is $3.59. The firm has a market cap of $2.31 billion, a price-to-earnings ratio of -5.45 and a beta of 0.70.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last released its earnings results on Thursday, May 7th. The biotechnology company reported ($0.19) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.19). Iovance Biotherapeutics had a negative return on equity of 50.17% and a negative net margin of 123.92%.The firm had revenue of $71.43 million during the quarter, compared to analyst estimates of $77.84 million. During the same period last year, the business posted ($0.36) earnings per share. Iovance Biotherapeutics's revenue was up 44.9% compared to the same quarter last year. As a group, analysts forecast that Iovance Biotherapeutics, Inc. will post -0.62 earnings per share for the current year.

Hedge Funds Weigh In On Iovance Biotherapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Arcataur Capital Management LLC acquired a new stake in Iovance Biotherapeutics in the fourth quarter valued at approximately $29,000. Granite Investment Partners LLC acquired a new position in Iovance Biotherapeutics during the 4th quarter worth approximately $29,000. Motley Fool Asset Management LLC purchased a new stake in shares of Iovance Biotherapeutics in the 4th quarter valued at approximately $29,000. M&T Bank Corp acquired a new stake in shares of Iovance Biotherapeutics in the 4th quarter valued at $31,000. Finally, SBI Securities Co. Ltd. raised its holdings in shares of Iovance Biotherapeutics by 169.1% in the 4th quarter. SBI Securities Co. Ltd. now owns 11,568 shares of the biotechnology company's stock valued at $32,000 after purchasing an additional 7,269 shares in the last quarter. 77.03% of the stock is owned by institutional investors and hedge funds.

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.

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