Iovance Biotherapeutics Surges 12% to 52-Week High After Price Target Hikes
Iovance Biotherapeutics stock jumped over 12% this week, reaching a 52-week high after UBS doubled its price target to $4 and Wells Fargo reaffirmed a $14 target. The company reported a 60.6% year-over-year revenue increase to $263.5 million and narrowed its Q4 net loss to $71.9 million.
1. Stock Performance Surge
Iovance Biotherapeutics shares climbed to an intra-day high of $5.34 before paring gains to finish up 12.01%, marking a 52-week peak after three consecutive days of gains.
2. Analyst Price Target Revisions
UBS raised its price target to $4 from $2 while maintaining a neutral rating, and Wells Fargo reaffirmed a buy stance with a $14 target.
3. Financial Results Overview
Full-year revenues rose 60.6% to $263.5 million while net loss widened to $390.98 million from $372 million; Q4 net loss narrowed by 8% to $71.9 million and revenues increased 17.6% to $86.7 million.
4. Upcoming Conference Participation
Iovance is scheduled to present at Barclays’ 28th Annual Global Healthcare Conference on March 11, where investors will seek updates on clinical programs and business strategy.