Cessna 152 pilot reported encountering wake turbulence from a preceding B737 on approach to LGB. Pilot landed safely after executing a go-around.

Narrative

I acquired flight following from SoCal Approach to be sequenced for Runway 30 at LGB airport. Upon receiving my squawk code; I was given radar vectors to intercept the final approach course and a descent from 2;500 ft to 1;600 ft. For situational awareness; I tuned to the Runway 30 LOC frequency. Upon the arrival of 1;600 ft; I was handed off to LGB Tower where I was given my clearance to land runway 30. Upon accepting the clearance; while in trail of a B737-700 that was 4-5 miles ahead of me; I experienced a 200-300 ft loss in altitude due to wake turbulence. I was over the FAF GUNEY when this occurred. I maintained my wings level; and I established a climb. I requested a left 360-degree turn from tower; became established on the localizer; and landed on Runway 30.Considering I was given a wake turbulence advisory; I should have requested additional spacing as I saw fit when trailing the B737. On the other hand; I spoke to other pilots and instructors at the FBO and they expressed that they have experienced far worse upsets from wake turbulence due to tight spacing.