Iovance Biotherapeutics (IOVA) Shares Gap Up Following Analyst Upgrade

Iovance Biotherapeutics Inc (NASDAQ:IOVA) shares gapped up before the market opened on Thursday after BidaskClub upgraded the stock from a hold rating to a buy rating. The stock had previously closed at $15.77, but opened at $16.63. Iovance Biotherapeutics shares last traded at $17.44, with a volume of 4979894 shares traded.

A number of other analysts have also weighed in on IOVA. Chardan Capital reaffirmed a “buy” rating on shares of Iovance Biotherapeutics in a research report on Wednesday, March 13th. Wells Fargo & Co upped their price objective on Iovance Biotherapeutics from $23.00 to $32.00 and gave the stock an “outperform” rating in a research report on Thursday. B. Riley set a $24.00 price objective on Iovance Biotherapeutics and gave the stock a “buy” rating in a research report on Friday, May 17th. HC Wainwright reaffirmed a “buy” rating and set a $26.00 price objective on shares of Iovance Biotherapeutics in a research report on Thursday. Finally, ValuEngine raised Iovance Biotherapeutics from a “buy” rating to a “strong-buy” rating in a research report on Thursday. One analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $25.22.

Several institutional investors have recently bought and sold shares of IOVA. Perceptive Advisors LLC increased its position in shares of Iovance Biotherapeutics by 67.9% during the fourth quarter. Perceptive Advisors LLC now owns 12,241,111 shares of the biotechnology company’s stock worth $108,333,000 after acquiring an additional 4,950,912 shares during the period. BlackRock Inc. increased its holdings in Iovance Biotherapeutics by 32.0% in the fourth quarter. BlackRock Inc. now owns 8,780,191 shares of the biotechnology company’s stock valued at $77,706,000 after buying an additional 2,126,213 shares during the last quarter. Great Point Partners LLC increased its holdings in Iovance Biotherapeutics by 59.2% in the fourth quarter. Great Point Partners LLC now owns 5,567,348 shares of the biotechnology company’s stock valued at $49,271,000 after buying an additional 2,071,008 shares during the last quarter. RA Capital Management LLC increased its holdings in Iovance Biotherapeutics by 142.6% in the fourth quarter. RA Capital Management LLC now owns 2,720,452 shares of the biotechnology company’s stock valued at $24,076,000 after buying an additional 1,599,299 shares during the last quarter. Finally, venBio Select Advisor LLC increased its holdings in Iovance Biotherapeutics by 18.5% in the fourth quarter. venBio Select Advisor LLC now owns 10,261,039 shares of the biotechnology company’s stock valued at $90,810,000 after buying an additional 1,598,319 shares during the last quarter. 96.64% of the stock is currently owned by institutional investors and hedge funds.

The firm has a market cap of $2.13 billion, a P/E ratio of -13.58 and a beta of 1.97. The company has a debt-to-equity ratio of 0.01, a current ratio of 20.09 and a quick ratio of 20.09.

Iovance Biotherapeutics (NASDAQ:IOVA) last posted its earnings results on Tuesday, May 7th. The biotechnology company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.01). As a group, analysts anticipate that Iovance Biotherapeutics Inc will post -1.19 earnings per share for the current fiscal year.

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Iovance Biotherapeutics Company Profile (NASDAQ:IOVA)

Iovance Biotherapeutics, Inc, a clinical-stage biotechnology company, focuses on developing and commercializing cancer immunotherapy products to harness the power of a patient's immune system to eradicate cancer cells. The company's lead product candidate is lifileucel, an adoptive cell therapy that is in Phase II clinical trial using tumor-infiltrating lymphocytes (TIL), which are T cells derived from patients' tumors for the treatment of metastatic melanoma.

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