Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) experienced a notable surge in short interest during the month of August. According to recent data released on September 19, 2023, the total number of shares sold short reached 30,070,000 shares, representing an increase of 9.2% from the previous total of 27,530,000 shares reported on August 15th. Currently, approximately 14.7% of the company’s shares are held by short sellers. With an average trading volume of 4,880,000 shares per day, the days-to-cover ratio stands at 6.2 days.
Market analysts have also been closely monitoring Iovance Biotherapeutics and have provided their insights into the company’s performance. In a research report released on September 19th, Mizuho reaffirmed its “buy” rating for Iovance Biotherapeutics and set a target price of $30.00 per share. Meanwhile, Stifel Nicolaus lowered their target price from $27.00 to $26.00 but maintained a “buy” rating for the company in their research note published on September 13th.
Another notable endorsement comes from JMP Securities which reiterated its “market outperform” rating and set a price target of $18.00 per share on September 15th. Furthermore, HC Wainwright restated its “buy” rating and assigned a price target of $38.00 per share on Friday.
Contrarily, StockNews.com upgraded Iovance Biotherapeutics’ stock to a “sell” rating in a research note issued on September 8th. Overall, among the analysts covering the stock, one rated it as a sell while three designated it as a hold and ten provided it with a buy rating. As reported by Bloomberg.com as of September 19th, Iovance Biotherapeutics has an average rating of “Moderate Buy” with an average price target of $19.54.
On Tuesday, Iovance Biotherapeutics stock opened at $5.93. The company’s fifty-two week low and high are recorded at $4.41 and $10.85 respectively. As of the same date, the company’s fifty-day moving average stood at $6.74, while its 200-day moving average was reported as $6.92.
In terms of financial performance, Iovance Biotherapeutics recently disclosed its quarterly earnings results on August 8th, with a net loss of ($0.47) per share for the quarter – surpassing analysts’ consensus estimates by $0.34 per share which had predicted a loss of ($0.81) per share. During the quarter, the company generated revenue amounting to $0.24 million compared to market expectations of $3.91 million in revenue for the same period last year when it reported a loss per share of ($0.63). Analysts have projected that Iovance Biotherapeutics will report earnings per share (EPS) of -1.87 for the current fiscal year.
In other news related to Iovance Biotherapeutics, Director Wayne P. Rothbaum purchased 5,000,000 shares of the company’s stock on September 15th at an average cost of $5.30 per share, resulting in a total investment value of $26,500,000. Following this transaction, Director Rothbaum now directly owns 23,067,333 shares in Iovance Biotherapeutics with an estimated value of approximately $122,256,864 as reported in a disclosure filed with the Securities and Exchange Commission (SEC). Insider ownership currently represents around 10% of the company’s outstanding shares.
As investors continue to track Iovance Biotherapeutics’ progress amid dynamic market conditions, the addition of new shares by Director Rothbaum signals confidence in the company’s future prospects. With ongoing research and development efforts, along with favorable ratings from analysts, market participants will be closely observing Iovance Biotherapeutics as it navigates the intricacies of the biotechnology industry.
Lithia Motors, Inc.
Updated on: 19/09/2023
Debt to equity ratio: Buy
Price to earnings ratio: Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
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Iovance Biotherapeutics Reports Positive Earnings Surprise but Revenue Falls Short, Hedge Funds Show Confidence in Potential
Iovance Biotherapeutics (NASDAQ:IOVA) recently announced its quarterly earnings results, providing insight into the biotechnology company’s financial performance. The report revealed that Iovance Biotherapeutics reported earnings per share of ($0.47) for the quarter, surpassing analysts’ expectations by $0.34. This is a positive sign for the company and indicates potential growth and profitability in the near future.
However, it is essential to delve further into the details of the report to gain a comprehensive understanding of Iovance Biotherapeutics’ financial position. The firm generated revenue of $0.24 million during the quarter, which fell short of analysts’ projections of $3.91 million. This discrepancy between anticipated revenue and actual results raises some concerns about Iovance Biotherapeutics’ ability to meet market expectations.
It is worth noting that compared to the same quarter in the previous year, when the company earned ($0.63) EPS, there has been improvement in Iovance Biotherapeutics’ financial performance this year. Nevertheless, on average, equities analysts forecast that Iovance Biotherapeutics will post -1.87 earnings per share for the current year.
In terms of investment activity surrounding Iovance Biotherapeutics, a number of hedge funds have recently engaged in transactions involving its shares. Assetmark Inc., for instance, increased its stake in Iovance Biotherapeutics by an impressive 299.5% during the first quarter, acquiring an additional 3,166 shares which are now valued at $26,000. Similarly, US Bancorp DE raised its position in IOVA by 72.7% during the same period and now holds 5,591 shares worth approximately $34,000.
Furthermore, Royal Bank of Canada saw a rise in its holdings of Iovance Biotherapeutics by 54.5% last quarter and currently owns 5,066 shares valued at $48,000. Systematic Financial Management LP also made a significant investment in Iovance Biotherapeutics worth $48,000 during the first quarter. Lastly, Lazard Asset Management LLC grew its stake by 38.5% and now holds 3,357 shares of IOVA stock valued at $55,000.
Institutional investors collectively own 81.85% of the company’s stock. This level of involvement by hedge funds and other institutional investors indicates confidence in Iovance Biotherapeutics’ potential for success.
As investors and market observers analyze Iovance Biotherapeutics’ Q3 report, it is clear that there are both positive signs and areas of concern. The company’s ability to exceed earnings expectations is promising and suggests growth potential. However, falling short on revenue compared to analysts’ projections raises questions about Iovance Biotherapeutics’ ability to meet target numbers.
Moreover, the involvement of several reputable hedge funds demonstrates an underlying belief in the prospects of Iovance Biotherapeutics. These investments indicate a sense of confidence in the company’s ability to deliver value to shareholders.
It remains to be seen how Iovance Biotherapeutics will navigate the challenges surrounding revenue generation and whether it will be able to meet future expectations set by equities analysts. Observers will closely monitor subsequent reports to gain a better understanding of the company’s trajectory as it continues on its biotechnological journey.
Disclaimer: The information provided here is solely for informational purposes and should not be construed as financial or investment advice.