Investors Purchase Large Volume of Call Options on Iovance Biotherapeutics (NASDAQ:IOVA)

Key Points

• Unusually high options activity: Traders purchased 21,357 Iovance call options, about 75% above the typical volume of 12,229 contracts.
• Improved operating results: Iovance reported quarterly revenue of $99.31 million, up 65.7% year over year and above estimates, while its adjusted loss of $0.11 per share also beat expectations.
• Institutional and analyst support: Hedge funds and other institutions own 77.03% of the stock, while analysts’ average rating is “Hold” with a consensus price target of $9.11; several firms recently raised their targets.

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report) was the recipient of unusually large options trading activity on Thursday. Stock traders purchased 21,357 call options on the stock. This represents an increase of approximately 75% compared to the typical volume of 12,229 call options.

Iovance Biotherapeutics Stock Performance

NASDAQ IOVA traded up $0.15 during trading hours on Thursday, reaching $10.03. The stock had a trading volume of 19,755,348 shares, compared to its average volume of 15,486,382. Iovance Biotherapeutics has a 52-week low of $1.76 and a 52-week high of $10.98. The stock has a fifty day moving average of $6.65 and a 200 day moving average of $4.86. The stock has a market cap of $4.54 billion, a P/E ratio of -13.77 and a beta of 0.83.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The biotechnology company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.13) by $0.02. Iovance Biotherapeutics had a negative net margin of 89.11% and a negative return on equity of 40.51%. The company had revenue of $99.31 million during the quarter, compared to analyst estimates of $87.83 million. During the same period last year, the firm posted ($0.33) EPS. Iovance Biotherapeutics's revenue for the quarter was up 65.7% compared to the same quarter last year. On average, equities research analysts forecast that Iovance Biotherapeutics will post -0.49 EPS for the current year.

Institutional Investors Weigh In On Iovance Biotherapeutics

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Iovance Biotherapeutics in the second quarter valued at approximately $153,744,000. Invenomic Capital Management LP grew its position in shares of Iovance Biotherapeutics by 13.5% in the fourth quarter. Invenomic Capital Management LP now owns 11,959,505 shares of the biotechnology company's stock valued at $32,649,000 after purchasing an additional 1,417,897 shares in the last quarter. Palo Alto Investors LP acquired a new stake in shares of Iovance Biotherapeutics in the 2nd quarter worth $22,032,229. Bank of America Corp DE purchased a new position in Iovance Biotherapeutics during the second quarter worth about $20,773,000. Finally, Dimensional Fund Advisors LP raised its position in shares of Iovance Biotherapeutics by 71.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,645,702 shares of the biotechnology company's stock valued at $9,282,000 after buying an additional 1,106,592 shares during the period. 77.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

IOVA has been the subject of several recent analyst reports. TD Cowen boosted their target price on Iovance Biotherapeutics from $7.00 to $10.00 and gave the company a "buy" rating in a research report on Monday, August 24th. Robert W. Baird set a $6.00 target price on shares of Iovance Biotherapeutics in a research report on Friday, August 7th. UBS Group boosted their price target on Iovance Biotherapeutics from $4.00 to $7.00 and gave the stock a "neutral" rating in a research report on Thursday, August 20th. Citizens Jmp increased their target price on shares of Iovance Biotherapeutics from $5.00 to $8.00 and gave the company a "market outperform" rating in a research report on Friday, August 7th. Finally, Mizuho raised their price target on Iovance Biotherapeutics from $10.00 to $11.00 and gave the stock an "outperform" rating in a report on Tuesday, August 18th. Seven analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $9.11.

About Iovance Biotherapeutics

Iovance Biotherapeutics, Inc is a biotechnology company focused on developing and commercializing individualized cell therapies for patients with cancer. Its platform uses tumor-infiltrating lymphocytes (TILs), immune cells collected from a patient's tumor, expanded in a manufacturing facility and returned to the patient to help recognize and attack cancer cells.

The company's lead product, Amtagvi (lifileucel), is an autologous TIL therapy approved by the U.S. Food and Drug Administration for certain adults with unresectable or metastatic melanoma that has progressed following prior treatment.

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