Iovance Biotherapeutics (NASDAQ:IOVA) Trading Up 6.5% - Time to Buy?

Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA - Get Free Report) were up 6.5% during mid-day trading on Thursday . The stock traded as high as $10.48 and last traded at $10.46. Approximately 483,196 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 7,151,609 shares. The stock had previously closed at $9.82.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on IOVA. HC Wainwright reaffirmed a "buy" rating and set a $32.00 price objective on shares of Iovance Biotherapeutics in a research report on Monday, August 12th. Piper Sandler downgraded Iovance Biotherapeutics from an "overweight" rating to a "neutral" rating and decreased their price target for the stock from $19.00 to $10.00 in a report on Monday, July 29th. StockNews.com raised shares of Iovance Biotherapeutics to a "sell" rating in a research note on Monday, August 12th. Finally, UBS Group assumed coverage on shares of Iovance Biotherapeutics in a research report on Thursday. They set a "buy" rating and a $17.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $22.33.

Iovance Biotherapeutics Stock Performance

The company has a market capitalization of $2.96 billion, a PE ratio of -5.77 and a beta of 0.62. The firm's 50-day simple moving average is $10.25 and its 200 day simple moving average is $9.90.

Iovance Biotherapeutics (NASDAQ:IOVA - Get Free Report) last issued its earnings results on Thursday, August 8th. The biotechnology company reported ($0.34) earnings per share for the quarter, topping the consensus estimate of ($0.35) by $0.01. Iovance Biotherapeutics had a negative net margin of 1,343.27% and a negative return on equity of 65.04%. The company had revenue of $31.11 million for the quarter, compared to analyst estimates of $24.59 million. During the same period in the prior year, the business posted ($0.47) earnings per share. The firm's revenue for the quarter was up 12969.7% compared to the same quarter last year. As a group, equities analysts anticipate that Iovance Biotherapeutics, Inc. will post -1.26 earnings per share for the current year.

Hedge Funds Weigh In On Iovance Biotherapeutics

Several hedge funds have recently bought and sold shares of IOVA. Diversified Trust Co increased its position in shares of Iovance Biotherapeutics by 9.5% in the second quarter. Diversified Trust Co now owns 16,980 shares of the biotechnology company's stock valued at $136,000 after buying an additional 1,469 shares in the last quarter. Exchange Traded Concepts LLC grew its stake in Iovance Biotherapeutics by 11.6% in the 3rd quarter. Exchange Traded Concepts LLC now owns 17,071 shares of the biotechnology company's stock valued at $160,000 after acquiring an additional 1,776 shares during the last quarter. Xponance Inc. increased its holdings in Iovance Biotherapeutics by 13.0% during the 2nd quarter. Xponance Inc. now owns 16,279 shares of the biotechnology company's stock valued at $131,000 after acquiring an additional 1,873 shares in the last quarter. Creative Planning raised its position in Iovance Biotherapeutics by 2.6% during the third quarter. Creative Planning now owns 73,489 shares of the biotechnology company's stock worth $690,000 after acquiring an additional 1,896 shares during the last quarter. Finally, Arizona State Retirement System lifted its holdings in shares of Iovance Biotherapeutics by 3.8% in the second quarter. Arizona State Retirement System now owns 54,734 shares of the biotechnology company's stock valued at $439,000 after purchasing an additional 1,985 shares in the last quarter. 77.03% of the stock is owned by hedge funds and other institutional investors.

About Iovance Biotherapeutics

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 in the United States. 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.