Stocks

Iovance Biotherapeutics (NASDAQ:IOVA) Shares Up 7.7% - Here's What Happened

Published January 2, 2025

Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) experienced a notable increase of 7.7% on Thursday, reaching a high of $7.99 before closing at $7.97. During the trading session, around 2,429,683 shares exchanged hands, which represents a 66% decline compared to the company's average daily volume of 7,189,960 shares. The stock had previously finished the day at $7.40.

Analysts Set New Price Targets

There have been recent discussions among analysts regarding the future price targets for Iovance Biotherapeutics. UBS Group initiated coverage on Iovance Biotherapeutics on October 24th, providing a "buy" rating with a price target set at $17.00. Additionally, HC Wainwright reaffirmed a "buy" rating with a more optimistic price target of $32.00 as mentioned in their report from November 6th. Currently, one analyst rates the stock as a sell, another as a hold, and seven analysts recommend a buy, which gives the stock a consensus rating of "Moderate Buy" and a projected target price of $23.00 according to MarketBeat.com.

Iovance Biotherapeutics Price Performance

Iovance Biotherapeutics has a market capitalization of approximately $2.38 billion, with a price-to-earnings ratio of -5.25 and a beta of 0.55. The stock's 50-day moving average stands at $9.02, while its 200-day moving average is $9.26.

The company released its quarterly earnings results on November 7th, where it announced earnings per share (EPS) of ($0.28), better than analysts' expectations of ($0.31) by $0.03. Revenue for the quarter was reported at $58.56 million, surpassing the consensus estimate of $53.54 million. However, Iovance Biotherapeutics reported a negative net margin of 451.25% and a return on equity of -58.43%. For the same quarter in the previous year, the company had an EPS of ($0.46), and analysts predict an average EPS of -1.23 for the current fiscal year.

Insider Buying and Selling at Iovance Biotherapeutics

In recent insider activity, Director Ryan D. Maynard sold 50,000 shares of the company on November 12th at an average price of $10.06, generating a total of $503,000 from the sale. Following this transaction, Maynard now holds 7,500 shares of Iovance, worth an estimated $75,450. This sale led to an 86.96% reduction in his holdings. The transaction details have been reported in a legal filing with the SEC. Company insiders collectively own approximately 12.10% of the company's shares.

Hedge Funds Weigh In On Iovance Biotherapeutics

Institutional investors have recently adjusted their positions in Iovance Biotherapeutics. Bank of New York Mellon Corp increased its stake in the company by 24% during the second quarter, now holding 1,034,760 shares valued at about $8.3 million after acquiring an additional 200,536 shares. Principal Financial Group Inc. also increased its stake by 26.4% in the same period, owning 2,536,243 shares worth roughly $20.34 million following an acquisition of 530,338 shares. Furthermore, Arizona State Retirement System raised its investment by 3.8%, and Los Angeles Capital Management LLC acquired new shares worth $193,000. Pier 88 Investment Partners LLC significantly increased holdings by 155.8% during the second quarter. Overall, institutions currently hold 77.03% of Iovance Biotherapeutics' stock.

Iovance Biotherapeutics Company Profile

Iovance Biotherapeutics, Inc. is a biotechnology firm that develops and markets cell therapies focusing on autologous tumor-infiltrating lymphocytes to treat metastatic melanoma and other solid tumors in the U.S. Their offerings include Amtagvi, a tumor-derived autologous T cell immunotherapy for adult patients with unresectable or metastatic melanoma, along with Proleukin, an interleukin-2 product used for treating patients with metastatic renal cell carcinoma.