Iovance Biotherapeutics (NASDAQ:IOVA) Shares Up 6.9% – Still a Buy?

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) rose 6.9% 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 recently weighed in on IOVA. UBS Group assumed coverage on shares of Iovance Biotherapeutics in a research report on Thursday, October 24th. They issued a “buy” rating and a $17.00 price objective on the stock. Piper Sandler lowered their target price on Iovance Biotherapeutics from $10.00 to $7.50 and set a “neutral” rating on the stock in a report on Friday, January 31st. Finally, HC Wainwright reiterated a “buy” rating and set a $32.00 price objective on shares of Iovance Biotherapeutics in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Iovance Biotherapeutics has a consensus rating of “Moderate Buy” and an average target price of $21.07.

Iovance Biotherapeutics Trading Up 2.5 %

The company has a market cap of $1.75 billion, a price-to-earnings ratio of -3.85 and a beta of 0.53. The business has a fifty day moving average price of $6.48 and a two-hundred day moving average price of $8.71.

Hedge Funds Weigh In On Iovance Biotherapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. AlphaQuest LLC lifted its stake in Iovance Biotherapeutics by 63.6% in the fourth 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. SBI Securities Co. Ltd. acquired a new stake in shares of Iovance Biotherapeutics in the fourth quarter valued at about $36,000. GF Fund Management CO. LTD. acquired a new position in shares of Iovance Biotherapeutics during the fourth quarter worth approximately $47,000. One68 Global Capital LLC acquired a new position in Iovance Biotherapeutics during the 4th quarter valued at $74,000. Finally, Quarry LP bought a new stake in shares of Iovance Biotherapeutics in the fourth quarter valued at about $74,000. 77.03% of the stock is currently owned by hedge funds and other institutional investors.

Iovance Biotherapeutics Company Profile

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.