Geode Capital Management LLC Cuts Position in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)

Geode Capital Management LLC trimmed its position in shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) by 2.4% during the 3rd quarter, Holdings Channel reports. The fund owned 5,648,995 shares of the biotechnology company’s stock after selling 137,537 shares during the period. Geode Capital Management LLC’s holdings in Iovance Biotherapeutics were worth $53,053,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Intech Investment Management LLC bought a new position in Iovance Biotherapeutics during the third quarter valued at $920,000. Barclays PLC raised its position in shares of Iovance Biotherapeutics by 118.8% during the 3rd quarter. Barclays PLC now owns 604,584 shares of the biotechnology company’s stock valued at $5,677,000 after buying an additional 328,284 shares in the last quarter. Marshall Wace LLP bought a new position in shares of Iovance Biotherapeutics in the 2nd quarter valued at about $12,929,000. State Street Corp grew its position in Iovance Biotherapeutics by 4.6% in the third quarter. State Street Corp now owns 13,201,978 shares of the biotechnology company’s stock worth $123,967,000 after acquiring an additional 576,801 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in Iovance Biotherapeutics by 399.4% during the third quarter. Victory Capital Management Inc. now owns 144,280 shares of the biotechnology company’s stock worth $1,355,000 after acquiring an additional 115,387 shares during the last quarter. 77.03% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Ryan D. Maynard sold 50,000 shares of the stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $10.06, for a total transaction of $503,000.00. Following the transaction, the director now owns 7,500 shares of the company’s stock, valued at approximately $75,450. This represents a 86.96 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 12.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on IOVA shares. UBS Group initiated coverage on Iovance Biotherapeutics in a report on Thursday, October 24th. They issued a “buy” rating and a $17.00 target price for the company. HC Wainwright reiterated a “buy” rating and set a $32.00 price objective on shares of Iovance Biotherapeutics in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Iovance Biotherapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $22.33.

Iovance Biotherapeutics Trading Up 2.2 %

Shares of IOVA opened at $7.38 on Monday. The firm has a fifty day moving average price of $9.41 and a 200-day moving average price of $9.31. The firm has a market capitalization of $2.25 billion, a P/E ratio of -4.95 and a beta of 0.55. Iovance Biotherapeutics, Inc. has a 12-month low of $6.70 and a 12-month high of $18.33.

Iovance Biotherapeutics (NASDAQ:IOVA) last released its quarterly earnings data on Thursday, November 7th. The biotechnology company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.03. The company had revenue of $58.56 million during the quarter, compared to analysts’ expectations of $53.54 million. Iovance Biotherapeutics had a negative net margin of 451.25% and a negative return on equity of 58.43%. During the same period in the previous year, the company earned ($0.46) EPS. Analysts predict that Iovance Biotherapeutics, Inc. will post -1.23 earnings per share for the current year.

Iovance Biotherapeutics Company 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.