Iovance Biotherapeutics (NASDAQ:IOVA) Shares Up 6.8% - What's Next?

Key Points

• Iovance Biotherapeutics shares rose 6.8% in mid-day trading, reaching as high as $4.25 on volume well above average.
• Analyst sentiment is mixed: the stock has a consensus rating of “Hold” with an average price target of $8.43, after recent target cuts and rating changes from several firms.
• Recent results showed revenue growth but continued losses, with quarterly revenue up 44.9% year over year to $71.43 million, while EPS came in at -$0.19 and the company remains unprofitable.

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report) shares shot up 6.8% during mid-day trading on Wednesday . The stock traded as high as $4.25 and last traded at $4.1980. Approximately 18,721,570 shares traded hands during mid-day trading, an increase of 26% from the average daily volume of 14,846,433 shares. The stock had previously closed at $3.93.

Wall Street Analysts Forecast Growth

IOVA has been the subject of several recent analyst reports. Chardan Capital decreased their target price on Iovance Biotherapeutics from $16.00 to $14.00 and set a "buy" rating for the company in a research note on Thursday, May 7th. Truist Financial raised shares of Iovance Biotherapeutics to a "hold" rating in a report on Wednesday, March 25th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Iovance Biotherapeutics in a report on Thursday, July 2nd. Five analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Iovance Biotherapeutics currently has a consensus rating of "Hold" and an average price target of $8.43.

Iovance Biotherapeutics Stock Up 13.1%

The firm has a 50-day simple moving average of $3.99 and a 200 day simple moving average of $3.51. The company has a market cap of $1.98 billion, a price-to-earnings ratio of -4.68 and a beta of 0.70.

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

Institutional Investors Weigh In On Iovance Biotherapeutics

Several hedge funds have recently made changes to their positions in the business. KBC Group NV purchased a new stake in Iovance Biotherapeutics during the 1st quarter valued at approximately $34,000. Arcataur Capital Management LLC acquired a new position in Iovance Biotherapeutics in the 4th quarter valued at $29,000. Granite Investment Partners LLC purchased a new position in Iovance Biotherapeutics during the 4th quarter worth $29,000. Motley Fool Asset Management LLC purchased a new position in Iovance Biotherapeutics during the 4th quarter worth $29,000. Finally, Sanctuary Advisors LLC purchased a new stake in Iovance Biotherapeutics in the 1st quarter valued at approximately $38,000. Institutional investors and hedge funds own 77.03% of the company's stock.

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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