Short Interest in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) Increases By 8.7%

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report) saw a significant growth in short interest in the month of February. As of February 29th, there was short interest totalling 46,710,000 shares, a growth of 8.7% from the February 14th total of 42,980,000 shares. Based on an average daily volume of 10,480,000 shares, the days-to-cover ratio is currently 4.5 days. Approximately 21.2% of the shares of the company are sold short.

Iovance Biotherapeutics Stock Up 0.9 %

IOVA stock traded up $0.12 during midday trading on Monday, reaching $14.03. 6,690,429 shares of the company's stock traded hands, compared to its average volume of 10,483,072. The company has a market cap of $3.92 billion, a price-to-earnings ratio of -7.46 and a beta of 0.63. The firm's fifty day moving average price is $11.39 and its 200-day moving average price is $7.57. Iovance Biotherapeutics has a 52 week low of $3.21 and a 52 week high of $18.33.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last announced its quarterly earnings results on Wednesday, February 28th. The biotechnology company reported ($0.45) EPS for the quarter, missing analysts' consensus estimates of ($0.44) by ($0.01). The business had revenue of $0.48 million for the quarter, compared to analyst estimates of $1.44 million. During the same period in the previous year, the business earned ($0.64) EPS. Analysts forecast that Iovance Biotherapeutics will post -1.41 earnings per share for the current year.

Insider Activity

In related news, Director Merrill A. Mcpeak acquired 250,000 shares of the company's stock in a transaction dated Tuesday, February 20th. The shares were bought at an average cost of $9.15 per share, with a total value of $2,287,500.00. Following the completion of the transaction, the director now directly owns 320,150 shares of the company's stock, valued at $2,929,372.50. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 10.40% of the company's stock.

Hedge Funds Weigh In On Iovance Biotherapeutics

Hedge funds have recently bought and sold shares of the company. Kennedy Capital Management LLC boosted its holdings in Iovance Biotherapeutics by 52.3% during the 3rd quarter. Kennedy Capital Management LLC now owns 344,042 shares of the biotechnology company's stock worth $1,565,000 after acquiring an additional 118,133 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Iovance Biotherapeutics by 41.3% in the 3rd quarter. Principal Financial Group Inc. now owns 2,643,155 shares of the biotechnology company's stock worth $12,026,000 after buying an additional 772,905 shares during the last quarter. Artisan Partners Limited Partnership boosted its holdings in shares of Iovance Biotherapeutics by 13.8% in the 3rd quarter. Artisan Partners Limited Partnership now owns 5,036,479 shares of the biotechnology company's stock worth $22,916,000 after buying an additional 609,738 shares during the last quarter. Mariner LLC boosted its holdings in shares of Iovance Biotherapeutics by 107.3% in the 3rd quarter. Mariner LLC now owns 371,850 shares of the biotechnology company's stock worth $1,692,000 after buying an additional 192,450 shares during the last quarter. Finally, Banque Pictet & Cie SA boosted its holdings in shares of Iovance Biotherapeutics by 18.7% in the 3rd quarter. Banque Pictet & Cie SA now owns 633,794 shares of the biotechnology company's stock worth $2,884,000 after buying an additional 99,636 shares during the last quarter. 81.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

IOVA has been the topic of a number of recent research reports. The Goldman Sachs Group raised their price target on shares of Iovance Biotherapeutics from $19.00 to $21.00 and gave the stock a "buy" rating in a research report on Thursday, February 29th. Chardan Capital increased their price objective on shares of Iovance Biotherapeutics from $29.00 to $34.00 and gave the stock a "buy" rating in a research note on Tuesday, February 20th. Truist Financial reiterated a "buy" rating and set a $17.00 price objective on shares of Iovance Biotherapeutics in a research note on Wednesday, December 27th. Piper Sandler increased their price objective on shares of Iovance Biotherapeutics from $18.00 to $19.00 and gave the stock an "overweight" rating in a research note on Thursday. Finally, Wells Fargo & Company raised their price target on shares of Iovance Biotherapeutics from $22.00 to $25.00 and gave the stock an "overweight" rating in a report on Friday, March 1st. One investment analyst has rated the stock with a sell rating and ten have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $24.64.

Iovance Biotherapeutics Company Profile

Iovance Biotherapeutics, Inc, a commercial-stage biotechnology company, develops and commercializes cell therapies using autologous tumor infiltrating lymphocyte for the treatment of metastatic melanoma and other solid tumor cancers. The company offers Amtagvi, a tumor-derived autologous T cell immunotherapy used to treat adult patients with unresectable or metastatic melanoma; and Proleukin, an interleukin-2 product for the treatment of patients with metastatic renal cell carcinoma.