Iovance Biotherapeutics (NASDAQ:IOVA) Sees Strong Trading Volume After Insider Buying Activity

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) shares saw unusually-strong trading volume on Monday after an insider bought additional shares in the company. Approximately 3,266,771 shares were traded during mid-day trading, a decline of 35% from the previous session’s volume of 5,031,225 shares.The stock last traded at $5.76 and had previously closed at $5.27.

Specifically, Director Wayne P. Rothbaum purchased 5,000,000 shares of the business’s stock in a transaction on Friday, September 15th. The stock was acquired at an average cost of $5.30 per share, for a total transaction of $26,500,000.00. Following the completion of the transaction, the director now directly owns 23,067,333 shares in the company, valued at approximately $122,256,864.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 10.40% of the company’s stock.

Analyst Ratings Changes

IOVA has been the subject of a number of research reports. StockNews.com raised shares of Iovance Biotherapeutics to a “sell” rating in a research note on Friday, September 8th. Chardan Capital reaffirmed a “buy” rating and set a $29.00 target price on shares of Iovance Biotherapeutics in a research note on Wednesday, August 16th. Truist Financial reaffirmed a “buy” rating and set a $17.00 target price on shares of Iovance Biotherapeutics in a research note on Friday. Robert W. Baird decreased their target price on shares of Iovance Biotherapeutics from $23.00 to $20.00 in a research note on Wednesday, August 9th. Finally, Stifel Nicolaus decreased their target price on shares of Iovance Biotherapeutics from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Wednesday, September 13th. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.54.

Iovance Biotherapeutics Stock Up 12.5 %

The company’s fifty day moving average is $6.74 and its 200-day moving average is $6.92. The company has a market cap of $1.47 billion, a PE ratio of -2.65 and a beta of 0.10.

Iovance Biotherapeutics (NASDAQ:IOVA) last issued its quarterly earnings results on Tuesday, August 8th. The biotechnology company reported ($0.47) earnings per share for the quarter, topping the consensus estimate of ($0.81) by $0.34. The business had revenue of $0.24 million for the quarter, compared to analysts’ expectations of $3.91 million. During the same quarter in the prior year, the business earned ($0.63) EPS. Equities research analysts expect that Iovance Biotherapeutics, Inc. will post -1.87 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Lazard Asset Management LLC boosted its stake in shares of Iovance Biotherapeutics by 38.5% during the 1st quarter. Lazard Asset Management LLC now owns 3,357 shares of the biotechnology company’s stock worth $55,000 after acquiring an additional 934 shares during the last quarter. Baird Financial Group Inc. boosted its stake in shares of Iovance Biotherapeutics by 3.7% during the 1st quarter. Baird Financial Group Inc. now owns 27,545 shares of the biotechnology company’s stock worth $459,000 after acquiring an additional 995 shares during the last quarter. Arizona State Retirement System boosted its stake in shares of Iovance Biotherapeutics by 4.3% during the 4th quarter. Arizona State Retirement System now owns 33,395 shares of the biotechnology company’s stock worth $213,000 after acquiring an additional 1,362 shares during the last quarter. Rockefeller Capital Management L.P. boosted its stake in shares of Iovance Biotherapeutics by 3.8% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 37,758 shares of the biotechnology company’s stock worth $266,000 after acquiring an additional 1,385 shares during the last quarter. Finally, American Century Companies Inc. raised its position in shares of Iovance Biotherapeutics by 0.5% during the 1st quarter. American Century Companies Inc. now owns 319,310 shares of the biotechnology company’s stock valued at $1,951,000 after purchasing an additional 1,649 shares during the period. Hedge funds and other institutional investors own 81.85% of the company’s stock.

Iovance Biotherapeutics Company Profile

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 that is in Phase II clinical trial for the treatment of metastatic melanoma and cervical cancer.