CM Management LLC Raises Holdings in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)

CM Management LLC raised its position in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) by 20.0% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 300,000 shares of the biotechnology company’s stock after purchasing an additional 50,000 shares during the period. Iovance Biotherapeutics accounts for approximately 1.9% of CM Management LLC’s portfolio, making the stock its 21st biggest holding. CM Management LLC owned approximately 0.10% of Iovance Biotherapeutics worth $2,220,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. State Street Corp lifted its stake in shares of Iovance Biotherapeutics by 4.6% in the 3rd quarter. State Street Corp now owns 13,201,978 shares of the biotechnology company’s stock valued at $123,967,000 after purchasing an additional 576,801 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Iovance Biotherapeutics by 59.0% during the third quarter. Principal Financial Group Inc. now owns 4,033,184 shares of the biotechnology company’s stock worth $37,872,000 after buying an additional 1,496,941 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Iovance Biotherapeutics by 4.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,989,340 shares of the biotechnology company’s stock valued at $14,721,000 after buying an additional 76,196 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Iovance Biotherapeutics in the 4th quarter valued at $12,927,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Iovance Biotherapeutics in the 4th quarter valued at $11,568,000. 77.03% of the stock is currently owned by institutional investors and hedge funds.

Iovance Biotherapeutics Stock Performance

IOVA stock opened at $3.75 on Friday. Iovance Biotherapeutics, Inc. has a one year low of $3.58 and a one year high of $17.14. The company has a fifty day moving average of $5.85 and a 200-day moving average of $8.32. The stock has a market capitalization of $1.23 billion, a PE ratio of -2.52 and a beta of 0.93.

Iovance Biotherapeutics (NASDAQ:IOVA) last released its earnings results on Thursday, February 27th. The biotechnology company reported ($0.26) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.26). The company had revenue of $73.69 million for the quarter, compared to analysts’ expectations of $72.17 million. Iovance Biotherapeutics had a negative return on equity of 58.43% and a negative net margin of 451.25%. Equities analysts forecast that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Robert W. Baird cut their price objective on Iovance Biotherapeutics from $24.00 to $20.00 and set an “outperform” rating on the stock in a research report on Friday, February 28th. HC Wainwright reaffirmed a “buy” rating and issued a $32.00 price target on shares of Iovance Biotherapeutics in a research report on Friday, February 28th. The Goldman Sachs Group lowered their price objective on Iovance Biotherapeutics from $22.00 to $19.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. Truist Financial decreased their price target on shares of Iovance Biotherapeutics from $25.00 to $15.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. Finally, Piper Sandler dropped their price objective on shares of Iovance Biotherapeutics from $7.50 to $6.00 and set a “neutral” rating on the stock in a research report on Friday, February 28th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $20.25.

About Iovance Biotherapeutics

Iovance Biotherapeutics, Inc, a commercial-stage biotechnology company, develops and commercializes cell therapies using autologous tumor infiltrating lymphocyte for the treatment of metastatic melanoma and other solid tumor cancers in the United States. The company offers Amtagvi, a tumor-derived autologous T cell immunotherapy used to treat adult patients with unresectable or metastatic melanoma; and Proleukin, an interleukin-2 product for the treatment of patients with metastatic renal cell carcinoma.