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

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

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on IOVA shares. UBS Group initiated coverage on Iovance Biotherapeutics in a research report on Thursday, October 24th. They set a “buy” rating and a $17.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and set a $32.00 target price on shares of Iovance Biotherapeutics in a report on Wednesday, November 6th. Finally, Piper Sandler reduced their price objective on shares of Iovance Biotherapeutics from $10.00 to $7.50 and set a “neutral” rating for the company in a research report on Friday, January 31st. 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. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $22.69.

Iovance Biotherapeutics Stock Performance

The stock has a 50 day moving average of $6.72 and a two-hundred day moving average of $8.78. The stock has a market cap of $1.70 billion, a PE ratio of -3.74 and a beta of 0.53.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. XML Financial LLC boosted its stake in Iovance Biotherapeutics by 7.4% in the 3rd 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 during the period. Saturna Capital Corp lifted its holdings in shares of Iovance Biotherapeutics by 7.0% in the third quarter. Saturna Capital Corp now owns 20,553 shares of the biotechnology company’s stock valued at $193,000 after purchasing an additional 1,353 shares in the last quarter. Exchange Traded Concepts LLC boosted its position in shares of Iovance Biotherapeutics by 11.6% in the third quarter. Exchange Traded Concepts LLC now owns 17,071 shares of the biotechnology company’s stock worth $160,000 after buying an additional 1,776 shares during the period. AlphaQuest LLC grew its holdings in shares of Iovance Biotherapeutics by 63.6% during the fourth quarter. AlphaQuest LLC now owns 4,613 shares of the biotechnology company’s stock valued at $34,000 after buying an additional 1,794 shares in the last quarter. Finally, Creative Planning lifted its stake in Iovance Biotherapeutics by 2.6% in 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.