The Vanguard Group, Inc. recently announced the acquisition of new stake in Iovance Biotherapeutics Inc (NASDAQ:IOVA). The institutional investor has increased its shareholding in the Healthcare company by 8.48% to 21.74 million shares with purchase of 1.7 million shares. This fresh investment now brings its stake to 8.49% valued currently at $131.96 million. In addition, SSgA Funds Management, Inc. raised its holdings by 3.17 million to 16.73 million shares. And BlackRock Fund Advisors has lifted its position by 9.08% or 1.35 million shares – to 16.22 million shares.
With over 9.53 million Iovance Biotherapeutics Inc (IOVA) shares trading Monday and a closing price of $9.56 on the day, the dollar volume was approximately $91.13 million. The shares have shown a positive half year performance of 8.76% and its price on 01/08/24 gained nearly 12.87%. Currently, there are 255.92M common shares owned by the public and among those 199.72M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 14 analysts who have offered their price forecasts for IOVA have a consensus price objective of $20.42. The analysts have set the share’s price value over the next 12 months at a high of $30.00 and a low of $12.00. The average price target is 53.18% above its recent price level and an upside to the estimated low will see the stock gain 20.33% over that period. But an upside of 68.13% will see the stock hit the forecast high price target while median target price for the stock is $19.00.
The top 3 mutual fund holders in Iovance Biotherapeutics Inc are SPDR S&P Biotech ETF, Vanguard Total Stock Market ETF, and Vanguard Small Cap Index Fund. SPDR S&P Biotech ETF owns 13.15 million shares of the company’s stock, all valued at over $79.82 million. The company bought an additional 61275.0 shares recently to bring their total holdings to about 5.14% of the shares outstanding. Vanguard Total Stock Market ETF bought 6023.0 shares to see its total holdings expand to 7.1 million shares valued at over $43.07 million and representing 2.77% of the shares outstanding. Vanguard Small Cap Index Fund bought 17699.0 shares to bring its total holdings to over 5.79 million shares at a value of $35.12 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.26% of the shares outstanding.
Shares of Iovance Biotherapeutics Inc (NASDAQ: IOVA) opened at $8.38, down -$0.09 from a prior closing price of $8.47. However, the script later moved the day high at 9.57, up 12.87%. The company’s stock has a 5-day price change of 17.59% and 136.63% over the past three months. IOVA shares are trading 17.59% year to date (YTD), with the 12-month market performance up to 50.79% higher. It has a 12-month low price of $3.21 and touched a high of $9.36 over the same period. IOVA has an average intraday trading volume of 7.47 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 24.89%, 60.74%, and 51.06% respectively.
Institutional ownership of Iovance Biotherapeutics Inc (NASDAQ: IOVA) shares accounts for 73.23% of the company’s 255.92M shares outstanding. Mutual fund holders own 39.19%, while other institutional holders and individual stakeholders account for 9.39% and 34.09% respectively.
It has a market capitalization of $2.45B and a beta (3y monthly) value of 0.38. The earnings-per-share (ttm) stands at -$2.08. Price movements for the stock have been influenced by the stock’s volatility, which stands at 9.03% over the week and 9.32% over the month.
Analysts forecast that Iovance Biotherapeutics Inc (IOVA) will achieve an EPS of -$0.44 for the current quarter, -$0.36 for the next quarter and -$1.37 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.53 while analysts give the company a high EPS estimate of -$0.34. Comparatively, EPS for the current quarter was -$0.64 a year ago. Earnings per share for the fiscal year are expected to increase by 24.65%, and 26.70% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 14 brokerage firm advisors rate Iovance Biotherapeutics Inc (IOVA) as a “Strong Buy” at a consensus score of 1.29. Specifically, 11 Wall Street analysts polled rate the stock as a buy, while 1 of the 14 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the IOVA, a number of firms have released research notes about the stock. Goldman stated their Buy rating for the stock in a research note on November 20, 2023, with the firm’s price target at $12.
