Iovance Biotherapeutics (IOVA) Shares Gap Up on Analyst Upgrade

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Iovance Biotherapeutics Inc (NASDAQ:IOVA) gapped up prior to trading 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 changing hands.

IOVA has been the topic of several other reports. ValuEngine upgraded Iovance Biotherapeutics from a “hold” rating to a “buy” rating in a research note on Thursday, April 4th. B. Riley set a $24.00 price objective on Iovance Biotherapeutics and gave the company a “buy” rating in a research note on Friday, May 17th. Chardan Capital reiterated a “buy” rating and issued a $20.00 price objective (down from $30.00) on shares of Iovance Biotherapeutics in a research note on Thursday, February 28th. Piper Jaffray Companies started coverage on Iovance Biotherapeutics in a research note on Monday, April 29th. They issued an “overweight” rating and a $20.00 price objective on the stock. Finally, Robert W. Baird started coverage on Iovance Biotherapeutics in a research note on Wednesday, February 6th. They issued an “outperform” rating and a $29.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Iovance Biotherapeutics currently has an average rating of “Buy” and an average target price of $25.22.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IOVA. Perceptive Advisors LLC grew its position in Iovance Biotherapeutics by 67.9% during the 4th 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 last quarter. BlackRock Inc. grew its position in Iovance Biotherapeutics by 32.0% during the 4th quarter. BlackRock Inc. now owns 8,780,191 shares of the biotechnology company’s stock worth $77,706,000 after acquiring an additional 2,126,213 shares during the last quarter. Great Point Partners LLC grew its position in Iovance Biotherapeutics by 59.2% during the 4th quarter. Great Point Partners LLC now owns 5,567,348 shares of the biotechnology company’s stock worth $49,271,000 after acquiring an additional 2,071,008 shares during the last quarter. RA Capital Management LLC grew its position in Iovance Biotherapeutics by 142.6% during the 4th quarter. RA Capital Management LLC now owns 2,720,452 shares of the biotechnology company’s stock worth $24,076,000 after acquiring an additional 1,599,299 shares during the last quarter. Finally, venBio Select Advisor LLC grew its position in Iovance Biotherapeutics by 18.5% during the 4th quarter. venBio Select Advisor LLC now owns 10,261,039 shares of the biotechnology company’s stock worth $90,810,000 after acquiring an additional 1,598,319 shares during the last quarter. Institutional investors and hedge funds own 96.64% of the company’s stock.

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

Iovance Biotherapeutics (NASDAQ:IOVA) last released its quarterly earnings results on Tuesday, May 7th. The biotechnology company reported ($0.30) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.01). Equities analysts forecast that Iovance Biotherapeutics Inc will post -1.19 EPS for the current year.

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About Iovance Biotherapeutics (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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