The stock of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) is now priced at $31.68 and the shares are 2.46 points up or 8.42% higher compared to its previous closing price of $29.22. IOVA shares have a float of 102 million and although its performance was 8.42% over the week, it’s one to watch. Analysts have given the IOVA stock a yearly average price target of $47.08 per share. It means the stock’s upside potential is 48.61% with the IOVA share price recently placing at $29.39 to $32. However, some brokerage firms have priced the stock below the average, including one that has called $38.
The shorts are climbing into the Iovance Biotherapeutics, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the IOVA shares have risen. Short interest in the stock represents just 14.14% of its float, but the volume has raised by 449998. The volume of shorted shares rised to 14.412 million from 13.962 million shares over the last two weeks. The average intraday trading volume has been 856260 shares, which means that days to cover moved to roughly 16.831676.
In the last trading session, Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) raised by $2.46 over the week and gained $2.61 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $41.49. The stock recorded its established 52-week high on 05/26/20.
Since 09/30/19, the stock has traded to a low of $17.67 at 79.29%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0.96. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Iovance Biotherapeutics, Inc.’s two-week RSI is 62.95. This suggests that the stock is neutral at the moment and that IOVA shares’ price movement remains stable. The stochastic readings are equally revealing at 58.63% meaning the IOVA share price is currently in neutral territory.
The technical chart shows that the IOVA stock will likely settle at between $32.66 and $33.63 per share. However, if the stock dips below $30.05, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $28.41.
Currently, the stock is trading in the green of MACD, with a reading of 0.47. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned IOVA a rating of Buy in their intiating review released on April 22. Barclays analysts see the stock as a Overweight with a target price of $45 in a flash note released to investors on March 04 initiating covering the stock. Oppenheimer analysts see the stock as Outperform. Nonetheless, the analysts revised the share prices up on February 26, placing it at $35 from $32.
The average rating for the IOVA equity is 1.67 and is currently gathering a bullish momentum. Of 12 analysts tracking Iovance Biotherapeutics, Inc. polled by Reuters, 0 rated IOVA as a hold. The remaining 12 analysts were split evenly. However, the split wasn’t equal as a majority (12) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.