Iovance Biotherapeutics, Inc. (NASDAQ: IOVA – Get a rating) was the target of significant short-term interest growth in June. As of June 30, there were short interests totaling 21,550,000 shares, a growth of 30.1% from the total of 16,560,000 shares as of June 15. Based on an average trading volume of 4,940,000 shares, the short interest ratio is currently 4.4 days. Approximately 15.5% of the company’s shares are sold short.
Wall Street analysts predict growth
IOVA has been the subject of several reports by research analysts. Robert W. Baird raised his price target on Iovance Biotherapeutics from $30.00 to $34.00 and gave the stock an “outperform” rating in a Thursday, April 7 research report. JMP Securities restated a “buy” rating and set a price target of $25.00 on shares of Iovance Biotherapeutics in a Wednesday, June 8 report. Chardan Capital cut its price target on Iovance Biotherapeutics shares from $44.00 to $31.00 and set a “buy” rating on the stock in a Friday, May 27 report. StockNews.com began covering Iovance Biotherapeutics shares in a research report on Thursday, March 31. They put a “sell” mark on the stock. Finally, Piper Sandler cut her price target on Iovance Biotherapeutics from $20.00 to $13.00 and set a “neutral” rating on the stock in a Friday, May 27 report. One equity research analyst has assigned the stock a sell rating, one has assigned a hold rating and eight has assigned the stock a buy rating. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $26.10.
Insiders place their bets
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Separately, director Merrill A. Mcpeak purchased 10,000 shares of the company in a transaction that took place on Tuesday, May 31. The shares were purchased at an average cost of $6.84 per share, with a total value of $68,400.00. Following the acquisition, the administrator now owns 20,150 shares of the company, valued at $137,826. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available via this link. Insiders hold 7.60% of the shares of the company.
Institutional entries and exits
Major investors have recently been buying and selling stocks. Vanguard Group Inc. increased its position in Iovance Biotherapeutics shares by 1.2% during the first quarter. Vanguard Group Inc. now owns 12,341,653 shares of the biotech company valued at $205,489,000 after acquiring an additional 143,866 shares during the period. Wellington Management Group LLP increased its stake in Iovance Biotherapeutics by 17.8% in the first quarter. Wellington Management Group LLP now owns 11,288,726 shares of the biotech company valued at $187,957,000 after purchasing an additional 1,704,644 shares during the period. BlackRock Inc. increased its position in Iovance Biotherapeutics shares by 0.3% in the first quarter. BlackRock Inc. now owns 7,428,992 shares of the biotech company valued at $123,692,000 after buying an additional 20,487 shares last quarter. State Street Corp increased its stake in shares of Iovance Biotherapeutics by 34.4% during the 1st quarter. State Street Corp now owns 6,845,726 shares of the biotech company worth $113,981,000 after purchasing an additional 1,752,044 shares during the period. Finally, Farallon Capital Management LLC increased its position in Iovance Biotherapeutics shares by 1.9% during the first quarter. Farallon Capital Management LLC now owns 6,175,357 shares of the biotech company valued at $102,820,000 after buying an additional 113,384 shares last quarter. 99.07% of the shares are held by institutional investors and hedge funds.
Iovance Biotherapeutics up 3.9%
NASDAQ:IOVA shares rose $0.47 on Tuesday, hitting $12.47. 185,798 shares of the company were traded, with an average volume of 4,563,649. Iovance Biotherapeutics has a 1-year low of $6.18 and a 1-year high of $27.96. The stock’s 50-day moving average price is $10.95 and its 200-day moving average price is $14.07.
Iovance Biotherapeutics (NASDAQ: IOVA – Get a rating) last reported results on Thursday, May 5. The biotech company reported ($0.58) EPS for the quarter, beating analyst consensus estimates of ($0.64) by $0.06. The company had revenue of $12.00 million for the quarter. During the same period last year, the company made ($0.51) earnings per share. The company’s revenue for the quarter increased 0.0% year over year. On average, stock research analysts expect Iovance Biotherapeutics to post -2.49 earnings per share for the current year.
About Iovance Biotherapeutics
Iovance Biotherapeutics, Inc., a clinical-stage biotechnology company, is focused on developing and commercializing cancer immunotherapy products to harness the power of a patient’s immune system to eradicate cancer cells. It has six ongoing Phase 2 clinical studies, including C-144-01, of its lead product candidate, lileucel, for the treatment of metastatic melanoma; C-145-04, its product candidate Lifileucel for recurrent, metastatic or persistent cervical cancer; and C-145-03, its product candidate LN-145, for recurrent and/or metastatic head and neck squamous cell carcinoma.
Further reading
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