Iovance Biotherapeutics (IOVA) is likely to face downward pressure today, considering the following points:
Short Interest Increase: The short interest in IOVA has increased by 9.3% from May 31st to June 15th, indicating potential bearish sentiment among investors1.
Recent Analyst Ratings: The consensus rating for IOVA is "Moderate Buy" with an average price target of $24.4523. However, the specific analyst rating from HC Wainwright and JMP Securities is "Buy" with a price target of $32.00 and $23.00, respectively21.
Market Performance: IOVA's stock has experienced a 9.4% increase on the previous trading day, which could lead to a potential pullback or consolidation on the following trading day5.
Technical Indicators: The stock's RSI is at 77.48, which is considered overbought and could suggest a potential pullback or consolidation6.
In conclusion, while there is a positive long-term outlook for IOVA, with an average price target indicating significant upside potential, the current technical indicators and recent short interest increase suggest caution for the immediate trading day.
Source:
a
1.
Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) Sees Significant Growth in Short Interest
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