Iovance Biotherapeutics (NASDAQ:IOVA) Trading Up 6.9% – Here’s Why

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) was up 6.9% during trading on Friday . The stock traded as high as $6.03 and last traded at $6.00. Approximately 3,881,533 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 8,297,780 shares. The stock had previously closed at $5.61.

Analysts Set New Price Targets

Several brokerages have weighed in on IOVA. HC Wainwright reissued a “buy” rating and set a $32.00 price target on shares of Iovance Biotherapeutics in a research report on Wednesday, November 6th. Piper Sandler dropped their price objective on Iovance Biotherapeutics from $10.00 to $7.50 and set a “neutral” rating for the company in a report on Friday, January 31st. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $21.07.

Iovance Biotherapeutics Stock Performance

The business’s 50-day moving average is $6.44 and its 200-day moving average is $8.70. The company has a market capitalization of $1.76 billion, a PE ratio of -3.88 and a beta of 0.53.

Institutional Investors Weigh In On Iovance Biotherapeutics

Several hedge funds have recently added to or reduced their stakes in the stock. AlphaQuest LLC grew its position in Iovance Biotherapeutics by 63.6% during the 4th quarter. AlphaQuest LLC now owns 4,613 shares of the biotechnology company’s stock valued at $34,000 after purchasing an additional 1,794 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Iovance Biotherapeutics in the 4th quarter worth $36,000. GF Fund Management CO. LTD. bought a new stake in shares of Iovance Biotherapeutics in the 4th quarter worth $47,000. One68 Global Capital LLC bought a new position in shares of Iovance Biotherapeutics during the fourth quarter valued at $74,000. Finally, Quarry LP bought a new position in shares of Iovance Biotherapeutics during the fourth quarter valued at $74,000. 77.03% of the stock is owned by 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.