Traders Purchase High Volume of Call Options on Iovance Biotherapeutics (NASDAQ:IOVA)

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) was the target of unusually large options trading on Tuesday. Stock traders purchased 13,815 call options on the company. This is an increase of approximately 56% compared to the typical daily volume of 8,882 call options.

Iovance Biotherapeutics Trading Up 9.2%

Shares of NASDAQ:IOVA opened at $5.48 on Wednesday. The company has a market cap of $2.45 billion, a price-to-earnings ratio of -5.77 and a beta of 0.70. Iovance Biotherapeutics has a 12 month low of $1.76 and a 12 month high of $5.63. The company has a 50-day moving average price of $4.12 and a 200 day moving average price of $3.59.

Iovance Biotherapeutics (NASDAQ:IOVA) last issued its quarterly earnings data on Thursday, May 7th. The biotechnology company reported ($0.19) earnings per share for the quarter, hitting the consensus estimate of ($0.19). Iovance Biotherapeutics had a negative return on equity of 50.17% and a negative net margin of 123.92%.The company had revenue of $71.43 million for the quarter, compared to analysts’ expectations of $77.84 million. During the same period in the previous year, the firm posted ($0.36) earnings per share. The firm’s revenue for the quarter was up 44.9% on a year-over-year basis. As a group, equities analysts forecast that Iovance Biotherapeutics will post -0.62 EPS for the current year.

Analyst Ratings Changes

Several brokerages have recently issued reports on IOVA. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Iovance Biotherapeutics in a report on Thursday, July 2nd. Chardan Capital cut their target price on shares of Iovance Biotherapeutics from $16.00 to $14.00 and set a “buy” rating for the company in a report on Thursday, May 7th. Finally, Truist Financial upgraded shares of Iovance Biotherapeutics to a “hold” rating in a research report on Wednesday, March 25th. Five research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Iovance Biotherapeutics currently has an average rating of “Hold” and a consensus price target of $8.43.

Hedge Funds Weigh In On Iovance Biotherapeutics

Several large investors have recently modified their holdings of the stock. Royal Bank of Canada lifted its position in Iovance Biotherapeutics by 161.2% in the first quarter. Royal Bank of Canada now owns 522,887 shares of the biotechnology company’s stock worth $1,740,000 after buying an additional 322,680 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Iovance Biotherapeutics by 279.0% in the first quarter. AQR Capital Management LLC now owns 59,540 shares of the biotechnology company’s stock valued at $195,000 after acquiring an additional 43,829 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Iovance Biotherapeutics by 30.5% in the first quarter. Goldman Sachs Group Inc. now owns 5,571,902 shares of the biotechnology company’s stock valued at $18,554,000 after acquiring an additional 1,301,846 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Iovance Biotherapeutics by 202.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,777,344 shares of the biotechnology company’s stock worth $19,239,000 after acquiring an additional 3,869,617 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of Iovance Biotherapeutics by 112.1% in the 2nd quarter. Envestnet Asset Management Inc. now owns 47,466 shares of the biotechnology company’s stock worth $82,000 after acquiring an additional 25,083 shares during the last quarter. Institutional investors own 77.03% of the company’s stock.

About Iovance Biotherapeutics

Iovance Biotherapeutics, Inc is a clinical‐stage biotechnology company specializing in the development and commercialization of tumor‐infiltrating lymphocyte (TIL) immunotherapies for the treatment of solid tumors. The company’s lead product candidate, lifileucel (formerly LN‐144), is an autologous TIL therapy in late‐stage clinical development for patients with advanced melanoma. Iovance’s pipeline also includes next‐generation TIL programs such as LN‐145 for cervical and other human papillomavirus (HPV)‐related cancers, as well as exploratory studies in head and neck, non‐small cell lung, gastric and other solid tumor indications.

Iovance’s TIL platform harnesses a patient’s own immune system by isolating, expanding and reinfusing tumor‐reactive lymphocytes.