Short Interest in Iovance Biotherapeutics Inc (IOVA) Increases By 42.7%

Iovance Biotherapeutics Inc (NASDAQ:IOVA) was the recipient of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 8,209,829 shares, an increase of 42.7% from the August 15th total of 5,751,642 shares. Currently, 9.3% of the shares of the company are sold short. Based on an average daily volume of 1,274,356 shares, the days-to-cover ratio is presently 6.4 days.

Shares of IOVA stock opened at $13.40 on Friday. Iovance Biotherapeutics has a 12 month low of $6.60 and a 12 month high of $19.90. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of -9.50 and a beta of 2.70.

Iovance Biotherapeutics (NASDAQ:IOVA) last announced its quarterly earnings data on Monday, August 6th. The biotechnology company reported ($0.34) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.32) by ($0.02). sell-side analysts expect that Iovance Biotherapeutics will post -1.32 earnings per share for the current fiscal year.

Several hedge funds have recently made changes to their positions in IOVA. venBio Select Advisor LLC lifted its position in shares of Iovance Biotherapeutics by 53.8% in the 1st quarter. venBio Select Advisor LLC now owns 8,078,505 shares of the biotechnology company’s stock worth $136,527,000 after acquiring an additional 2,825,055 shares during the period. Farallon Capital Management LLC lifted its position in shares of Iovance Biotherapeutics by 122.3% during the 1st quarter. Farallon Capital Management LLC now owns 4,150,000 shares of the biotechnology company’s stock worth $70,135,000 after buying an additional 2,283,100 shares during the period. BlackRock Inc. lifted its position in shares of Iovance Biotherapeutics by 18.9% during the 1st quarter. BlackRock Inc. now owns 5,783,847 shares of the biotechnology company’s stock worth $97,747,000 after buying an additional 919,006 shares during the period. Nantahala Capital Management LLC bought a new position in shares of Iovance Biotherapeutics during the 2nd quarter worth approximately $10,560,000. Finally, RA Capital Management LLC lifted its position in shares of Iovance Biotherapeutics by 70.1% during the 2nd quarter. RA Capital Management LLC now owns 1,121,153 shares of the biotechnology company’s stock worth $14,351,000 after buying an additional 462,094 shares during the period. Institutional investors own 87.14% of the company’s stock.

IOVA has been the subject of several recent analyst reports. HC Wainwright set a $22.00 target price on Iovance Biotherapeutics and gave the company a “buy” rating in a research note on Thursday, September 6th. Chardan Capital reiterated a “buy” rating and issued a $30.00 price objective on shares of Iovance Biotherapeutics in a research report on Friday, July 6th. BidaskClub upgraded Iovance Biotherapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, May 19th. Finally, Zacks Investment Research downgraded Iovance Biotherapeutics from a “hold” rating to a “sell” rating in a research report on Thursday, July 12th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Iovance Biotherapeutics currently has an average rating of “Buy” and an average price target of $22.69.

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 LN-144, an adoptive cell therapy that is in Phase II clinical trial using tumor-infiltrating lymphocytes (TIL), which are T cells derived from patients' tumors for the treatment of metastatic melanoma.

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