Rafferty Asset Management LLC Has $4.10 Million Position in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)

Rafferty Asset Management LLC reduced its position in shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) by 15.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 554,141 shares of the biotechnology company’s stock after selling 98,825 shares during the period. Rafferty Asset Management LLC owned approximately 0.18% of Iovance Biotherapeutics worth $4,101,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in IOVA. Man Group plc acquired a new stake in Iovance Biotherapeutics during the 4th quarter worth approximately $17,871,000. Assenagon Asset Management S.A. acquired a new position in Iovance Biotherapeutics in the 4th quarter valued at $12,927,000. Raymond James Financial Inc. acquired a new position in Iovance Biotherapeutics in the 4th quarter valued at $11,568,000. Marshall Wace LLP acquired a new position in Iovance Biotherapeutics in the 4th quarter valued at $8,365,000. Finally, B Group Inc. acquired a new position in Iovance Biotherapeutics in the 4th quarter valued at $7,341,000. 77.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

IOVA has been the subject of several analyst reports. Baird R W cut Iovance Biotherapeutics from a “strong-buy” rating to a “hold” rating in a report on Friday, May 9th. Truist Financial cut Iovance Biotherapeutics from a “buy” rating to a “hold” rating in a report on Monday, May 12th. HC Wainwright dropped their price objective on Iovance Biotherapeutics from $32.00 to $20.00 and set a “buy” rating for the company in a report on Friday, May 9th. JMP Securities reaffirmed a “market perform” rating on shares of Iovance Biotherapeutics in a report on Friday, May 9th. Finally, Chardan Capital dropped their price objective on Iovance Biotherapeutics from $30.00 to $25.00 and set a “buy” rating for the company in a report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Iovance Biotherapeutics currently has an average rating of “Hold” and an average price target of $13.30.

Iovance Biotherapeutics Stock Performance

Shares of IOVA opened at $1.66 on Monday. Iovance Biotherapeutics, Inc. has a 52-week low of $1.64 and a 52-week high of $12.51. The business’s fifty day moving average is $3.16 and its 200-day moving average is $5.75. The firm has a market cap of $554.33 million, a price-to-earnings ratio of -1.11 and a beta of 1.06.

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

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.