Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) Sees Significant Growth in Short Interest

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) was the target of a large increase in short interest in June. As of June 15th, there was short interest totalling 54,630,000 shares, an increase of 9.3% from the May 31st total of 49,960,000 shares. Based on an average daily volume of 5,860,000 shares, the days-to-cover ratio is presently 9.3 days. Approximately 24.4% of the company’s stock are sold short.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on IOVA shares. HC Wainwright reiterated a “buy” rating and set a $32.00 price objective on shares of Iovance Biotherapeutics in a research note on Friday, June 28th. JMP Securities dropped their target price on Iovance Biotherapeutics from $25.00 to $23.00 and set a “market outperform” rating on the stock in a research report on Thursday, June 20th. Finally, Piper Sandler lifted their price target on Iovance Biotherapeutics from $18.00 to $19.00 and gave the company an “overweight” rating in a report on Thursday, March 14th. One equities research analyst has rated the stock with a sell rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Iovance Biotherapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.45.

Iovance Biotherapeutics Trading Down 4.4 %

Shares of IOVA opened at $7.39 on Thursday. Iovance Biotherapeutics has a 12 month low of $3.21 and a 12 month high of $18.33. The stock has a fifty day moving average price of $9.78 and a 200-day moving average price of $10.82. The firm has a market cap of $2.07 billion, a PE ratio of -4.11 and a beta of 0.63.

Iovance Biotherapeutics (NASDAQ:IOVA) last released its quarterly earnings results on Thursday, May 9th. The biotechnology company reported ($0.42) EPS for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.03. Iovance Biotherapeutics had a negative return on equity of 71.45% and a negative net margin of 23,615.70%. The company had revenue of $0.72 million during the quarter, compared to analysts’ expectations of $1.99 million. During the same period last year, the business posted ($0.50) earnings per share. The firm’s revenue was up 71400.0% compared to the same quarter last year. As a group, research analysts forecast that Iovance Biotherapeutics will post -1.34 EPS for the current year.

Hedge Funds Weigh In On Iovance Biotherapeutics

Several hedge funds and other institutional investors have recently modified their holdings of IOVA. Vanguard Group Inc. increased its stake in Iovance Biotherapeutics by 9.2% during the 1st quarter. Vanguard Group Inc. now owns 24,915,300 shares of the biotechnology company’s stock valued at $369,245,000 after purchasing an additional 2,102,480 shares in the last quarter. Avoro Capital Advisors LLC grew its holdings in shares of Iovance Biotherapeutics by 74.6% during the first quarter. Avoro Capital Advisors LLC now owns 11,700,000 shares of the biotechnology company’s stock valued at $173,394,000 after buying an additional 5,000,000 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Iovance Biotherapeutics by 60.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,267,864 shares of the biotechnology company’s stock valued at $78,071,000 after buying an additional 1,991,262 shares during the last quarter. Hood River Capital Management LLC increased its position in shares of Iovance Biotherapeutics by 31.1% in the 1st quarter. Hood River Capital Management LLC now owns 2,624,238 shares of the biotechnology company’s stock valued at $38,891,000 after acquiring an additional 622,728 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Iovance Biotherapeutics by 3.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,747,023 shares of the biotechnology company’s stock worth $14,203,000 after acquiring an additional 54,490 shares during the last quarter. 77.03% of the stock is 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.