Iovance Biotherapeutics Inc. (NASDAQ: IOVA) stock jumped 11.64% on Monday to $7.00 against a previous-day closing price of $6.27. With 9.52 million shares changed hands, the volume of the stock remained heavier than its average volume of 4.24 million shares. During the session, the Biotechnology company that operates in wider Healthcare sector, reached to the highest price of $7.11 whereas the lowest price it dropped to was $6.50. The 52-week range on IOVA shows that it touched its highest point at $18.73 and its lowest point at $5.42 during that stretch. It currently has a 1-year price target of $23.00. Beta for the stock currently stands at 0.12.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of IOVA was up-trending over the past week, with a rise of 10.24%, but this was up by 14.75% over a month. Three-month performance dropped to -21.79% while six-month performance fell -40.58%. The stock lost -50.14% in the past year, while it has gained 9.55% so far this year. A look at the trailing 12-month EPS for IOVA yields -2.48 with Next year EPS estimates of -2.41. For the next quarter, that number is -0.65. This implies an EPS growth rate of -18.90% for this year and 3.60% for next year.
Float and Shares Shorts:
At present, 157.82 million IOVA shares are outstanding with a float of 146.85 million shares on hand for trading. On Oct 13, 2022, short shares totaled 18.17 million, which was 11.51% higher than short shares on Sep 14, 2022. In addition to Dr. Frederick G. Vogt Esq., J.D., Ph.D. as the firm’s Interim CEO, Pres, Gen. Counsel & Corp. Sec., Mr. Jean-Marc Bellemin M.B.A. serves as its Chief Financial Officer & Principal Accounting Officer.
Through their ownership of 106.26% of IOVA’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 50.10% of IOVA, in contrast to 44.25% held by mutual funds. Shares owned by individuals account for 12.03%. As the largest shareholder in IOVA with 8.89% of the stake, The Vanguard Group, Inc. holds 14,030,868 shares worth 14,030,868. A second-largest stockholder of IOVA, Perceptive Advisors LLC, holds 10,248,624 shares, controlling over 6.49% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in IOVA, holding 10,229,980 shares or 6.48% stake. With a 7.25% stake in IOVA, the SPDR S&P Biotech ETF is the largest stakeholder. A total of 11,438,333 shares are owned by the mutual fund manager. The Vanguard Total Stock Market Index, which owns about 2.90% of IOVA stock, is the second-largest Mutual Fund holder. It holds 4,582,219 shares valued at 29.28 million. Vanguard Small Cap Index Fund holds 2.45% of the stake in IOVA, owning 3,863,603 shares worth 24.69 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for IOVA since 15 analysts follow the stock currently. There are 9 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 4 believe that the stock is worth HOLDING, 2 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With IOVA analysts setting a high price target of $40.00 and a low target of $6.00, the average target price over the next 12 months is $23.33. Based on these targets, IOVA could surge 471.43% to reach the target high and fall by -14.29% to reach the target low. Reaching the average price target will result in a growth of 233.29% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. IOVA will report FY 2022 earnings on 02/23/2024. Analysts have provided yearly estimates in a range of -$2.33 being high and -$2.61 being low. For IOVA, this leads to a yearly average estimate of -$2.49. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Iovance Biotherapeutics Inc. surprised analysts by $0.01 when it reported -$0.63 EPS against a consensus estimate of -$0.64. The surprise factor in the prior quarter was -$0.02. Based on analyst estimates, the high estimate for the next quarter is -$0.53 and the low estimate is -$0.70. The average estimate for the next quarter is thus -$0.64.