Iovance Biotherapeutics (NASDAQ:IOVA) Trading 7.3% Higher – Here’s Why

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s stock price traded up 7.3% during trading on Friday . The company traded as high as $5.70 and last traded at $5.73. 2,133,652 shares changed hands during trading, a decline of 75% from the average session volume of 8,442,551 shares. The stock had previously closed at $5.34.

Analyst Ratings Changes

Several equities research analysts recently issued reports on IOVA shares. UBS Group started coverage on Iovance Biotherapeutics in a report on Thursday, October 24th. They issued a “buy” rating and a $17.00 price objective on the stock. Piper Sandler cut their price target on shares of Iovance Biotherapeutics from $10.00 to $7.50 and set a “neutral” rating on the stock in a research note on Friday, January 31st. Finally, HC Wainwright reissued a “buy” rating and issued a $32.00 price objective on shares of Iovance Biotherapeutics in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Iovance Biotherapeutics currently has an average rating of “Moderate Buy” and an average target price of $22.69.

Iovance Biotherapeutics Price Performance

The stock’s 50 day moving average is $6.79 and its two-hundred day moving average is $8.81. The stock has a market capitalization of $1.69 billion, a PE ratio of -3.72 and a beta of 0.53.

Institutional Investors Weigh In On Iovance Biotherapeutics

A number of large investors have recently modified their holdings of the company. XML Financial LLC grew its stake in shares of Iovance Biotherapeutics by 7.4% during the third quarter. XML Financial LLC now owns 14,500 shares of the biotechnology company’s stock worth $136,000 after purchasing an additional 1,000 shares in the last quarter. Saturna Capital Corp boosted its position in shares of Iovance Biotherapeutics by 7.0% during the 3rd quarter. Saturna Capital Corp now owns 20,553 shares of the biotechnology company’s stock worth $193,000 after acquiring an additional 1,353 shares in the last quarter. Exchange Traded Concepts LLC increased its holdings in shares of 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. AlphaQuest LLC increased its holdings in shares of Iovance Biotherapeutics by 63.6% in the 4th quarter. AlphaQuest LLC now owns 4,613 shares of the biotechnology company’s stock valued at $34,000 after acquiring an additional 1,794 shares during the last quarter. Finally, Creative Planning raised its position in shares of Iovance Biotherapeutics by 2.6% during the 3rd quarter. Creative Planning now owns 73,489 shares of the biotechnology company’s stock worth $690,000 after acquiring an additional 1,896 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.