Shares of Iovance Biotherapeutics (NASDAQ:IOVA) soared more than 11% in Friday’s extended trade and approximately 12% in the pre-market trading session today, following massive insider buying. The company’s director, Wayne P. Rothbaum, increased his stake in the company by purchasing 10 million shares for a total value of $65 million.
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Iovance is a biotechnology company with a focus on the development and commercialization of novel immunotherapy products for cancer treatment.
As per the data collected by TipRanks, the total value of Rothbaum’s holdings now stands at about $115.8 billion. It is worth noting that Rothbaum has had a 100% success rate in the past three months, with an average 39.6% return per transaction.
In the past week, IOVA stock witnessed several insiders buy transactions. Another director, Merrill A McPeak, purchased 10,000 shares of Iovance each on two different dates, for a total value of $1.2 million. Furthermore, the interim CEO and President Frederick G. Vogt, and director Iain D. Dukes also purchased IOVA shares worth $5,980 and $61,000, respectively.
Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Should You Buy IOVA Stock?
Wall Street is currently optimistic about IOVA stock. It commands a Strong Buy consensus rating based on seven Buys and two Holds. The average Iovance stock price target of $24.38 implies 256.4% upside potential.
