The Manufacturers Life Insurance Company Cuts Stock Position in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)

The Manufacturers Life Insurance Company cut its holdings in shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) by 10.3% in the 4th quarter, HoldingsChannel reports. The firm owned 279,627 shares of the biotechnology company’s stock after selling 32,280 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Iovance Biotherapeutics were worth $2,069,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in Iovance Biotherapeutics by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 27,534,340 shares of the biotechnology company’s stock worth $203,754,000 after buying an additional 220,373 shares during the last quarter. Hood River Capital Management LLC increased its stake in shares of Iovance Biotherapeutics by 10.4% during the 4th quarter. Hood River Capital Management LLC now owns 8,991,573 shares of the biotechnology company’s stock worth $66,538,000 after purchasing an additional 846,936 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Iovance Biotherapeutics by 3.9% in the 4th quarter. Geode Capital Management LLC now owns 5,871,420 shares of the biotechnology company’s stock worth $43,458,000 after purchasing an additional 222,425 shares during the period. Long Focus Capital Management LLC raised its holdings in shares of Iovance Biotherapeutics by 13.2% in the 4th quarter. Long Focus Capital Management LLC now owns 5,132,000 shares of the biotechnology company’s stock worth $37,977,000 after purchasing an additional 600,000 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in Iovance Biotherapeutics by 59.0% in the third quarter. Principal Financial Group Inc. now owns 4,033,184 shares of the biotechnology company’s stock valued at $37,872,000 after purchasing an additional 1,496,941 shares during the last quarter. 77.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on IOVA. Baird R W downgraded Iovance Biotherapeutics from a “strong-buy” rating to a “hold” rating in a research report on Friday. Barclays lowered their price objective on Iovance Biotherapeutics from $22.00 to $5.00 and set an “overweight” rating on the stock in a research note on Monday, April 14th. The Goldman Sachs Group cut their target price on shares of Iovance Biotherapeutics from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Truist Financial reduced their target price 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, JMP Securities restated a “market perform” rating on shares of Iovance Biotherapeutics in a research note on Friday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $16.33.

Iovance Biotherapeutics Trading Down 44.8 %

Shares of NASDAQ:IOVA opened at $1.75 on Friday. The company has a 50 day moving average of $3.36 and a 200 day moving average of $6.10. The stock has a market cap of $584.38 million, a P/E ratio of -1.17 and a beta of 1.06. Iovance Biotherapeutics, Inc. has a 12 month low of $1.65 and a 12 month high of $12.51.

Iovance Biotherapeutics (NASDAQ:IOVA) last released its quarterly earnings results on Thursday, May 8th. The biotechnology company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.11). The firm had revenue of $49.32 million during the quarter, compared to the consensus estimate of $83.40 million. Iovance Biotherapeutics had a negative return on equity of 58.43% and a negative net margin of 451.25%. The company’s revenue for the quarter was up 6795.1% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.42) EPS. On average, equities analysts forecast that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current fiscal year.

Iovance Biotherapeutics Profile

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.