Iovance Biotherapeutics (NASDAQ:IOVA) Hits New 52-Week High - Time to Buy?

Key Points

• Iovance Biotherapeutics shares hit a new 52-week high of $9.41, closing around $9.26 after heavy trading volume. The stock has risen above its 50-day and 200-day moving averages.
• Analyst sentiment is mixed but improving: several firms raised price targets, while the consensus rating remains “Hold” with an average target of $8.89.
• The company exceeded quarterly EPS and revenue expectations, with revenue up 65.7% year over year, though it remains unprofitable. Institutional investors own approximately 77% of the stock, and Iovance’s lead product is the FDA-approved TIL therapy Amtagvi for certain advanced melanoma patients.

Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $9.41 and last traded at $9.26, with a volume of 21030162 shares. The stock had previously closed at $8.60.

Analysts Set New Price Targets

A number of brokerages recently commented on IOVA. Barclays raised their target price on Iovance Biotherapeutics from $11.00 to $13.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Mizuho upped their target price on shares of Iovance Biotherapeutics from $10.00 to $11.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 18th. UBS Group raised their price target on Iovance Biotherapeutics from $4.00 to $7.00 and gave the company a "neutral" rating in a report on Thursday, August 20th. Citizens Jmp lifted their price objective on shares of Iovance Biotherapeutics from $5.00 to $8.00 and gave the stock a "market outperform" rating in a research note on Friday, August 7th. Finally, Robert W. Baird set a $6.00 price objective on shares of Iovance Biotherapeutics in a research note on Friday, August 7th. Seven research 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. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $8.89.

Iovance Biotherapeutics Price Performance

The company has a market cap of $4.19 billion, a PE ratio of -12.68 and a beta of 0.83. The business has a fifty day simple moving average of $6.43 and a two-hundred day simple moving average of $4.78.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $198.63 million for the quarter, compared to the consensus estimate of $87.83 million. Iovance Biotherapeutics had a negative net margin of 89.11% and a negative return on equity of 40.51%. The company's quarterly revenue was up 65.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.33) EPS. On average, equities research analysts predict that Iovance Biotherapeutics, Inc. will post -0.49 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of IOVA. BlackRock Inc. acquired a new stake in shares of Iovance Biotherapeutics during the 2nd quarter worth about $153,744,000. Invenomic Capital Management LP grew its holdings in shares of Iovance Biotherapeutics by 13.5% during the fourth quarter. Invenomic Capital Management LP now owns 11,959,505 shares of the biotechnology company's stock worth $32,649,000 after buying an additional 1,417,897 shares in the last quarter. Palo Alto Investors LP acquired a new position in shares of Iovance Biotherapeutics in the second quarter valued at approximately $22,032,229. Bank of America Corp DE acquired a new position in shares of Iovance Biotherapeutics in the second quarter valued at approximately $20,773,000. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Iovance Biotherapeutics by 71.9% during the first 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. Institutional investors and hedge funds own 77.03% of the company's stock.

Iovance Biotherapeutics Company Profile

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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